Financial Times , 1982, UK, English

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GENERAL

BUSINESS

• DOLLAR .weakened slightly
ta thin, fading to DM &25S5
(DM 2.2615), SwFr L8265 (SwFr
1.831) and Y221.35 (Y222). Its
Banh of England trade-weighted
index Was 107.3, down from
107.6. Page 19 ;

• STERLING shed 10 points at
$1,919 .and was also slightly
weaker atDM 4^35 (DM 1345),
FFr 1K995 (FFr 11.025) and
SwFr 3.5075 (SwFr 3£275). Its
trade-weighted 'index, however,
rose Id 9L8 (9L7). Page 19

• EQUITIES continued upward
on . speculative- interest In

FT WDUSTBUL
OBDffljtSy INDEX

. MMMai'
sm a
wtm wn .(V .

tt»in' WllP« nt

Towns cut Jobless
off as total in
blizzards U.lS. hits

worsen 9.5m

Torquay and Weymouth were • DOILAR weakened !
cat offby 8 ft snowdrifts yester- hi thin, finding to DM
day as blizzards dlsrnp ted road. (DM 2.2615), SwFr L8265
rail- and air -links, throughout 1.831) and Y221.35 (Y2 £
the country. .-The forecast is Bank of England trade-wi
for. worse- td come: .. index Was 107.3, down

: Many homes were left with- I07.6L. Page 19 .

• out ‘electricity, .and companies - J

reported . mass.. absenteeism. ■ • STERLING shed 10 pc
: the. AA said all the UK’s roads - H- 8 *? J

were affected: Page 3; Weather, SPS,

Back Pace. • . • FFr 1039$. (FFr 11.02*

■ SwFr 3.5075 (SwFr S327

Technology block SKI fitSfSS

France will co-operate with the _ • ■ '

UJa. ih tightening : controls on' •-EQUITIES continned i
the export of computers and ■ speculative- intere

micro-electronics to the Soviet gm ... ... ._m- ■■■■■ ...

Union. Back- Fage : 535. L

^ . •- -•• •• .pFT jjmmuL

Kitson claim • : ;;v Jwrafcw >

Soufe -Africa's popce comnus- 530,3 i f

sion^r.. said British: . engine®* . • I sws k j
Steveq. Kitfidit was besug inferro- - I . L*£f° 2SU
g»1»d for havfeg sketdied arid 525 I. JT*~ "

photographed the jail -where his A . f

father . is serving 2D years^ . r. ; - J /'

- London, bur. dad y Li \ jM — .

:do^CHfeJ^:3Li^ - F*
accepts-- proposals' for complying V • ' • . *

wife -l the Law ^Lords .■ ruling- : . .- ^ 1^ °" - L X

™ :-L - • :• 1 : .* \ January 1982

v j.

N-WaSfcB Crash . ■ ■ slender -markets: . The I

A lorry I carrying - low-level Share Index pnt on JL9 at
radioactive waste -* crashed out- Page 20
side the.' . . Sellafield, West rTT . ■/ -

Cumbria plant of British inland.

Nuclear Fuels, ..which said S^^SerS62§?P
there was no contamination was ^ z/ iugiier at o*-2*-P

risk. Three Mile Island fear, * WALL STREET was n
Back Page ■ ■ .1 at 867.87 before the

Page 16

Police ‘hindered* .

Greater . Manchester
constable James Anderton said -

some of his officers were failing • January, close _was

to intervene on the streets - for," - .
fear of harassment 'allegations. - ; UNEMPLOYI

_ , -- ---- -Jumped :from 8.4 per «

Belfast killing S,9 per .cent — 9im people
IRA gunman ; shot -dead an - ^ post-war :

Ulster Defence Regiment part- recori

timer on the' forecourt of fee. 1974-75 recession.
Belfast filling station which he r**® \. '••:•

mflna « ed - -...••mca#WAGE settleme

- i= . . 1 - .^e, public priyate; s

Lamplight march . in. the next; few months

Noises will cony a Nightio- ^

saJe lamp ta a relay march aSaSii
from Land’s End to London to «»ttan ?wanied. Page 3

draw 'attention to pay griev- ^thhe EBCs anditore ai
ances. Page -4 ; - . - Common Market civil se;

. .'■ of ineffidept accounting

To bacco curbs go lack of cooperation, sayinj
„ found apparently unsupe

GaukMses. and Gltanes wdU face bank 'accounte and misu
suffer competition, from foreign -f^ds, Q
•brands after France 1 agreed . .
with . the EEC . Commission to • IRON and Steel Trade?
end its ; state distribution federation said ; a cor
immopbly. ’ overtime ban at British

. would start on .Februa

Boycott back '**&*■

..QeoS Boycott ^aid his sudden • DUNLOP is -to clos
jeturn home , from the cricket Semtex plant- in Biyni
tour, of India ! was f pr medical- south Wales. • jt has
reasons onlyr "Tm tired and occupied for three wee]
have hardly eateH." 1 ■ • 450 employees protesting

-- redundancies’aniiodnced e

Tackling sexism *m c3

Fenrinists threaten to ' picket ■# FORD was- the UK u
Doncaster nigby league efub, leader and. main importe
which advertised for a Twicken- year. It supplied the thre
ham-style streaker to boost -the' selling, models— Cortina,, ]
gate at its Sunday gatoe', , r and Fiesta. Back Page

Briefly... " + 'MASSEY FERGUSON,

Sudan's universities were shut • 4^ farm and induSMaJ -i
to Meek student protests. ment company. reported i
Archbishop of Canterbury solidatcd net loss of US$1
iW ta-ChSa. the "fu2fil- (-USW U for tbe^ye
ment of a dream.” ■ ■ ; October SI. and may need
Anna Ford, ex-ITN newscaster, support from governmen
gave birth to .a daughter. bankers. Page in -' .

BIGGEST U.S. ANTI-TRUST SETTLEMENT

AT&T to sell 66%
of total assets

Spain agrees to lift
12-year blockade
of Gibraltar

BY PAUL BETTS IN NEW YORK

-THE U.S. telephone company
American Telephone and Tele-
graph (AT and. T) yesterday
settled with the U.S. Justice
Department the largest UlS.
anti-trust dispute.'

The settlement will change
the' entire U.S. telecommunica-
tions industry andn will force
AT and T to part with two-
thirds of its $134bn (£67.5bn)-
; worth of total assets.

Although the settlement, will
force AT and T to withdraw
from much of its traditional
telephone business, tbe Justice
Department has dropped its ob-
jections to the com piny’s plans
to enter fee rapidly, growing
market for advance data com-
munications.

' Tbe landmark settlement fol-
lowed eight years of bitter con-
troversy. It was expected to be
followed later yesterday by the
winding-up of a second buge
anti-trust case — tbe Justice.
Department's 12-year anti trust
suit against International Busi-
ness Machines (IBM).

-The AT & T settlement and
fee expected settlement in tbe

IBM anti- trust dispute herald
not only a new era in the in-
creasingly interlocking telecom-
munications and data-processing
industries but also establish
new ground rules for U.S. anti-
trust legislation.

For more than a decade the

MR MALCOLM BALDRIGE,
the U.S. Commerce Secretary,
was expected to announce
last night that the Reagan
Administration bad . aban- '
doned attempts to dissuade
domestic steel producers from
demanding curbs on sub-
sidised steel products from
Western Europe . and other
countries, AP-DJ reports from
Washington.

U.S. Justice Department has
sought to break up some of the
country's biggest companies on
the grounds their virtual
monopoly of key markets badly
damaged competition.

The Reagan Administration
has adopted, however, a more
selective approach on anti-trust

legislation, designed to improve
business efficiency at the same
time as removing what it re-
gards as burdensome and un-
necessary regulations.

Under fee terms of yester-
day’s agreement the Justice
Department is dropping it? anti-
trust case against AT & T. la
return AT &T is to spin off to
its existing 3m shareholders tbe
23 teelpbone companies it owns
in the U.S. These account for
about half of the company’s
$57bn annual revenues and
about $80 bn — of AT & T’s
assets.

At the same time AT & T will
retain control of its domestic
long-distance and international'
services. It will also retain full
control of Western Electric, its
equipment - manufacturing sub-
sidiary, and the Bell Labora-
tories. generally regarded as
the outstanding research facility
in telecommunications.

Tbe telephone company and
the Justice Department agreed
to modify a Consent decree of
Continued on Back Page

Stock Exchange considers

s * - a

JANUARY 1982

slender markets: . The FT 30-
Share Index put on L9 at 531.4.
Page 20

• GILTS also improved. 'The
Government Securities - Index
wasJL27 higher at 62^4. Page 20

• WALL STREET was up. 6.09
at 867.87 before the. close.
Page 16

• GOLD rose $3.5 to $400.5. in
London. ..In New York the

. Commc January close was $395.
Page; 13 .

• U.S. \ UNEMPLOYMENT
jumped;: from 8.4 per cent to
8.9 per cent — 9-5m. people — last
month, hear fee post-war record
hgure-cf 9 per- cent recorded in
fee 1974-75 recession. Back
Fage

• HIGH WAGE settlements in
.fee-, public fipd priyaje; sectors

. in. tlwr next; f ew months would,
make tax cjnh even less likeiy,
GhSef Treasury Secretary Leon
Brittao wamed. Page -3

■ • THE EECs auditors -accused
Common Market civil servants
of ineffiriept accounting and
lack of cooperation, saying they
found apparently unsupervised
bank accounts and misuse of
funds. ....-

IRON and Steel Trades Con-
federation .'said ;a complete
overtime ban at British Steel
would start oh February 7.
Page 4-

• DUNLOP is - to close Its

Semtex plant- in Brynmawr.
south Wales, it has been
occupied for. three weeks by
450 employees protesting at 60
fedundaiMJies'anitotlnced earlier.
Page 3 ; _

■# FORD was; fee UK market
leader and. main - importer last-
year. It supplied fee three top-
selling models— Cortina, Escort
and Fiesta. Back Page

<# MASSEY FERGUSON, Cana-
dian farm and industrial equip-
menf'cempany, reported a eon-
solidatcd net loss of US$194.8m
fUS$225-2m) for the year to
October 31, and may need more
support from government and
bankers.' Page 17; -'. 'r

BY DUNCAN CAMPBELL-SMITH

SMALL INVESTORS will -face
hi^ier charges from their stock-
brokers under ^ proposals put
forward by the Stock Exchange .
Council in its latest review of
the structure of brokerage .
commissions.

Increased commissions are ,
proposed across the board to ■
! add an estimated 7.3 per cent
to fee commission income of ,
the industry.- But they apply dis-
proportionately to small ‘bar- ,
gains, which fee review accepts ,
are “ uneconomic at the prevail- ,
ing minimum rates. ”

Investors switching from one
large bolding to another in the
gilts market however, could <
see half the commissi on drop- 1
ped from one side of their ]
-transaction. j

The review suggests this “gilts j
concession ” would give the
proposals a broadly neutral ini- .1
pact on tbe total bill paid by i
pension funds, insurance com- 1
parties and other such institu-
tional clients while producing
a -severe reduction in fee in-
come of the larger gilts brokers.

The proposals are accom-
panied in the review document
by an unprecedented disclosure
of background information on
the broking industry. One
section is devoted' to brokers’

remuneration. An elaborate
arithmetical estimate concludes
with an adjusted average of
£26.470 for 1979/80.

Sir Nicholas Goodison, chair-
man of fee. Stock Exchange,
introduced fee document yester-
day. He said it was the first
time any professional organisa-
tion had issued such a survey
of its members' revenues. 1 It
was an important milestone
which fee users of brokerage
services were being consulted
prior to a final decision on
proposed commission changes.

Consultations with both
clients and member firms will
be handled by fee Liaison Com-
mittee of the Stock Exchange.
It is hoped to set • a deadline
around the end of February.
Tbe Council then envisages
taking a few weeks to Teach
its decisions, which will aftei^
wards take up to -three moDfes
to implement

First reactions in the City
yesterday were distinctly muted.
With only 250 copies of fee re-
view so far printed — many
more will shortly be available
— details were hard to come by
and most brokers were thinking
Continued on Back Page
Editorial comment, Page 12

PROPOSED COMMISSION

RATES

Six® of

Average %

bargain

% rat*

increase

Equities:

Up to £7,000

US

16.7

£7-10,000

0.6

17J0

£10-130,000

OS.

8j4

£130-340,000

0.4

63

£34Q,000-£lm

0.3

8.4

£lnv£2J'm

QJ

11.2

£2im-£10m

0.125

8J.

Long Gilts:

Up to £2^00

0A

36.8

£L500-£1 8,000

025

22.6

£18,000-£lm

0.125

6-4

£lm-£4m

0.1

03

Medium Gilts and New Issues:

Up to QJS00

0.8

402

£2^00-£,1 8,000

0.125

57.2

£IS,000-£lm

00625

17.7

Clm-£4m

0.05

13

BY DAVID TONGE

SPAIN yesterday agreed to- lift
its 12-year-old blockade of
Gibraltar on April 20. It has
thus ended, at least for now,-
its attempts to force tbe British
colony to become' part of Spain,
but it continues to lay claim
to the Rock it ceded to Britain
in 1713.

The agreement is part: of a
package reached in London
during talks between Mrs
Margaret Thatcher and Sr
Calvo Soteli, the two Prime
Ministers. Britain has agreed to
hold more talks with fee
Spaniards on “ all differences
over Gibraltar, in Lisbon on
April 20.

It has given Spanish workers
too the right to stay overnight
in fee colony, as was allowed
until General Franco closed the
border in 1969,

la addition, Britain has
assured tbe Spaniards of
equality wife other non-EEC
nationals over jobs, wages,
social security and trades union
rights.

Both Mrs Thatcher and Sr
Sotelo described the agreement
as opening a new chapter in
AngloBpanish relations.

Quarrels over Gibraltar have
long soured relations, causing
King Juan Carlos to cancel his
trip to the Prince of Wales’s
wedding last July and exclud-
ing ' Britain from any major
arms contracts wife Spain.

: Sr Sotelo made it clear after
fee talks feat fee basic posi-
tions of Spain and Britain still
remain wide apart. “The ques-
tion of Gibraltar is regarded by
us as involving the restitution
of Spam's full sovereignty and
integrity. ’’ he said. He insisted,
however, that the blockade was
only “ suspended ’’ and not

“ cancelled. " He also refused
to commit Spain to allowing
the 29,000 Gibraltarians fee I
right to self-determination.

Britain, however, remains 1
committed to preventing any
change in the status of
Gibraltar against fee wishes of
fee inhabitants.

In April 1980, Spain and
Britain agreed in Lisbon to a
statement committing them to I
open fee border and begin
talks. Sr Sotelo said his govern- 1
m-—r- was agreeing now to abide
by the statement because his ,
country was about to join Nato: 1
fee Atlantic alliance's Foreign
Ministers last month invited 1
Spain to become Nato's 16th
member. He also said that !
Spain planned joining fee EEC !
in 1984. I

The firm line he adopted over
Spain's continuing claims on I
Gibraltar reflects the apposi- |
tion he faces at home from the
country's Right-wing forces ahd.
in particular, from a restless
army. . . I

Britain, too, has to steer a i
cautious course following (he
mounting suspicion of. many
Gibraltarians that a deal is be-
ing done over feeir heads.

* It was . announced yesterday
that Gibraltarians would take
part in its negotiating team.
Sir Joshua Hassan, the Chief
Minister of the colony, de-
scribed yesterday’s agreements i
as “ a great challenge for all.’* !

Ri London, Mr Albert Poggio,
chairman of fee Gibraltar Asso- !
elation in fee UK. said feat he
had feared more concessions by
Britain.

Britain announced last month
it would give Gibraltar £4m
worth of aid to help compensate
for fee dockyard closure.

Bermuda Premier quits

BY KEITH HUNT IN BERMUDA

BERMUDA'S Premier, Mr David
Gibbons, has resigned after four
years in office, leaving fee way
clear for a black successor.

The new leader of fee pre-
dominantly white United Ber-
muda Party seems certain to be
Mr John Swan, at present Minis-
ter of Home Affairs.

Mr Gibbons,. 54, announced

that he was stepping down to
devote more time to his exten-
sive business interests, which
have put him among fee most
wealthy people on fee island.

He was happy to be retiring
at a time when Bermuda's :
economy was “ in excellent con-
dition,”

Legal action
delays
golden
handshake

By John Moore

MR JACK GILL, fee former
■ manag in g director of Asso-
ciated Communications Cor-
poration, Lord Grade's enter-
tainments conglomerate, will
not receive his compensation
package, worth £560,000 in
cash and considerable pro-
perty benefits, for a few more
days 'or even months.

After taking legal adviee,
Lord Grade, chairman of
Associated Communications,
told shareholders at the extra-
ordinary general meeting
yesterday which would have
approved fee Gill package
that 'it would seem prudent*’
to adjourn the meeting to
next Friday. He said the out-
come of tbe start of legal
proceedings by the Post Office
Staff Superannuation Fond,
which is seeking to block the
payment in fee courts next
Monday, needed to be known
before fee meeting went
ahead.

Lord Grade, aged 75, smok-
ing a large Havana cigar did
not depart from a prepared
text timmgbout tbe meeting,
and would not make farther
comment after the proceed-
ings because of the legal
implications.

His remarks M'ere only
punctuated by the sound of
whirring cameras and chairs
falling over as journalists
sought a better view of fee
meeting in a small room at
Associated Communication's
headquarters near Marble
| Arch in London.

' The meeting — whlc’j v.oald
have authorised the payment
to Hr Gill Of £560.000 in cash
and allowed him to purchase
a company house with z
market value of £275,000 for
JEJ 65,823 — lasted barely five
minutes. Lord Matthews, a
director of Associated Com-
munications. who speaks for
about 9 per cent of the
voting shares and who has
expressed his dissatisfaction
of the payment, sal in silence
with other directors. Present
were Mr Robert Holmes ii
Court, the Australian entre-
preneur who bolds over 50
per cent of tbe non-voting
shares and 3 per cent of tbe
voting shares. He is a director.

Mr Ralph Quartano. chief
executive of tbe Post Office
Superannuation Fund, said

Continued on Back Page

Small Bargains:

Up to £300 at broker's discretion.
Over £300 £7/£10 minimum for
gilts/equities

Guinness Peat names executive

CHIEF PRICE CHANGES YESTERDAY

(Prices in. pen*® unless otheru^sfe indicated)

risers • Pleasuraroa 320

Treas 9}pc 1983 ...£93§ + i Smith St Aub^. 40

BSn^l-PermDgiaze ; 90 + 4 • Sogowam 510

British Home Stts 12S.+ J ■ • FAILS

Glaxo ' 436 + 14. . Guinness Peat ... . 90

GriPPerrmis ......142 + 12 Hoover A '

BY WILLIAM HALL

MR ALASTA3R MORTON, a
foriner finance chief of fee
British National Oil Corporation
has been brought in as chief
executive of fee troubled
Guinness Peat group. He re-
places Mr Edmund Dell, fee
former Labour Cabinet minister,
who will remam as fee group’s
non-executive chairman.

The appointment of someone
from outside is sees as a major
attempt by Mir .Dell, , with fee
barking of a majority of his
i board, to solve the long running
j dispute with Lord Kissin, fee
group’s founder and former

chairman.

In a brief statement last
night Guinness Peat said Mr
Morton has been authorised to
settle Lord Kissin's future rela-
tionship with fee group.

Lord Kissin welcomed the
appointment. He said, “I and
some members, of the board
have been seeking to achieve
a change in fee executive direo

Glaxo 43b .+ i

Gripperrods 142 + i:

Hickson, and Welch 220 + 8
ICI — -** 306 + 6

Intnl Paint . 222 + 5

Laporte L..., s.*. '127 + 5

Lndn Shop Prop.-..: 140 + 4
Lucas Indx ■" • v.-L. .224 + 8
Manders * 1S8 + 7

Neil and Spencer.'.:. 35 +5

. FALLS

Bishops Grp A . 92 >

Brown (John) 53J

GEC 800 '

Guinness Peat ... . 90

Hoover A' 90 ■

Quest Automation S3
Royal Worcester ... 165

Thorn EMI 445

Grootvlei 405

Poseidon 158

Roan Cons n 65 '

Tara Expl i..:.455 ■

Western Contnl ... 35 '

tion of the group for some time.

“I am delighted feat the
board has appointed Mr Morton
as chief executive and Mr Doll
has stepped down. I have high
hopes feat this change will
restore fee credibility of fee-
group.”

He said he was “anxious to
help Mr Morton to restore con-
fidence in . Guinness • Peat's
future." ■ The two men are
expected to hold discussions
during the weekend. If success-
ful, it seems likely that Lord
Kissin will drop plans for a
partial bid.

The dispute between Lord
Kissin and Mr Dell, his chosen
successor, has centred, on the
speed with which the group has
been disengaging from certain
activities and fee future direc-
tion of fee group. Mr Dell
inherited the leadership in
November 1979 and has had to
guide' it through a difficult
period which has seen a slump

CONTENTS

in profits and a large dividend
cut;

Last October, Mr Dell won
the backing of fee board and
fee president for bis policies
and said he was going to have
early discussions with Lord
Kissin “wife a view to con-
solidating the unity of fee
group."

However, the temporary truce
did not last and in early Decem-
ber, Lord Kissin told the board
he was preparing to make a.
partial bid for a “significant
stake ” to demonstrate bis sup-
port for the group.

For the last month Lord
Kissia. and his advisers,.
Hanferos Bank, have been talk-
ing with Guinness Peat and its
advisers, Morgan GrenfelL

At a fairly early stage. Lord
Kissin’s advisers let it be known
feat their concern would be
largely solved by fee appoint-
ment of a new chief executive.

HOW READY

IS

HEADY-MAD

FACTORY?

You know the set-up. No lieat. No power. No offices. Sign .
tomorrow then three months before you can move in. Make the
best of it. Lookfor-your blessings and then try to count them.

Appointment*

Arts

Book* Pas®

Bridg*

Oku

Co I lacting

Commoditios

Company Nows ...

Contracts

Crossword
Economic OWLk-.
Entartain.

* fig!

15 European Options

IQ Finance -and Family

_ FT Actuaries ......

* Gardening

7 Golf

7 How to Spend It ...

11 lntl. Co. News

17 Leader •. ...

14 Utters

Ruiing^^

Share

15 Money & Endings. 19

5 Motoring 11

2D Owereeas Mews ... 2

6 Property fi

7 Racing 11 ■

9 Share Information 22-23

17 SE Week's Deals. 15

12 Stoek Markets:

12 London - 20

20 Wall Street 16

20 Bourses 16

24 Travel 7

4 TV and Radio ... ID

Index phone 01-246 8026

UK News:

General 3

Uboor 4

Unit Trusts 19-21

Weather 24

Your Sairlngs/lnv. 6

Week in the Mkts. 4

Base Landing Rates 15

Build. Soe. Rates 2

Local Authy. Bonds IB

OFFER FOR SALE
Julian Gibbs 24

Well, you caitfotgefc all that, now
Northampton can offer you BrackmiDs 7.
These are the last word in ready-made .
factories. All the amenities are there.
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earmarking and landscaping. Every thing .
you need.

Sign in the morning— move in after
lunch. We'ie that ready foryom^g^^
And there's more
news. Rents go
from £2.05 to SZ2Q

Sizes go from 5000 to
'20000 square feet

Even the location's
cmyourside. Bradcmills 7
is only 5 minutes from Ml
junctionl5, i

Aid Northampton's not jtisfc anothernew
town. It sheen growing for 6000 years.
Expanding. Maturing. Developing one
of the best labour relations records in the
country. Adding schools. Sodal facilities.
Homes. jGetting Ready for you.

Take a closer look at the
outstanding specification
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units and write or
phone today for st

^| gfjg|gg^L fufl colour brochure.

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Contact Donald McLean bn 060434734

Corporation, 2-3 M^rketSquarc, htethampUm NNX ZEN

financial .Times Saturday Januaiy 9 1982

OVERSEAS NEWS

Nigeria close to £200m Jaguar deal

BY MARK WEB5T51

NIGERIA as close to signing a for some years with various
deal for the Anglo-French manufacturers for a new gener-
Jaguar fighter aircraft which ation of fighter airca
coiild be worth over 1200m, air place the aged MiG 2
industry experts confirmed yes- the air force now uses
terday The purchase woult

The contract would be of an extensive arm
Nigeria's biggest ever aircraft programme by the .
purchase and the makers— Gfliffranwiit ?°F
British Aerospace and Dassault Naira 7.3bn(£6bn)_ has
Breguet— have had stiff compe- aside in the lasi-ba

part of its sweeping modernisa-
tion of the country's armed

2£ S.'S-lSSS f °Neitliir side to the J*.

place LUC hnw Tttflnv air-

tition for the order from the ment plan.

The purchase would be part
of an extensive arms buying
programme by the . Nigerian
Government for which
Naira 7.3bn (£6bn) has been set
aside in the 1981-85 develop-

U.S, the Soviet Union and Das-
sault Breguet's own fighter, the
Hirage 2000.

Nigeria has been negotiating

GE confirms
ban on
components

By Our New York Staff
GENERAL ELECTRIC con-

The Lagos Government also
announced recently that it was
to buy the Franco-West German
Roland ground to air missile as

deal would say how many air-
craft the Nigerians wished to
purchase. But diplomats said
they had scaled down earlier
plans to buy up to 50 because
of economic problems which
resulted from falling oil
production.

The aircraft cost more than
£6.5m each and the manufac-
turers will also provide all the
necessary spare parts and train-

ing for Nigerian pilots.

The Jaguar is assembled on
two production lines in France
and England and entered ser-
vice with the Royal Air Force
in 1978 and the French air
force in 1972.

It was designed as a dual-role

and a total of 523 orders have
on been received,
ace The Jaguar International
;er- model which is designed for
rce overseas sales .was first flown
air in 1976 mid has been sold to
Oman, Ecuador and India,
ole The Nigerian models would

French arms for
Nicaragua ‘slap
in face to U.S.’

aircraft for tactical support and probably be assembled on the gy REGINALD tiaip, QS, EDITOR IN WASHINGTON

as an advanced trainer.

British production line although

highly versatile and can carry Dassault Breguet is responsible
a wide range, of bombs and for manufacturing the front and

missiles.

There are 402 of the aircraft
in service with the French air
force and the' Royal Air Force

centre fuselage while British

THE US. Government is
extremely disappointed by the

Aerospace, makes

fuselage, air intakes, wings and

tail uni t.

rear French decision to sell arms to

Warsaw claims Poland now strike free

the Sandinista Government in
Nicaragua, Mr Casper Wein-
berger, Defence Secretary, said
yesterday.

Mr Weinberger spoke after a
meeting in Washington with M
Charles Heron, French Defence
Minister, who tried to reassure

in the face ” to the U.S.

After a meeting with Mr
Alexander Hai&^fae U5, Secre-
tary of State, M Herou said that
Mr Haig had expressed concern
but not disapproval of the aims
deal. There was no deterioration
in Franco-American relations,
he said.

The Reagan Administration
has frequently accused

him that the $17m arms Nicaragua of channellmg^is
package, which includes held- frtm 9^}°

BY OUR FOREIGN STAFF

THE POLISH AUTHORITIES had died in Gdansk when militia

Church'" officials, however, to a Tetum to no rmali ty they

are claiming that the country, is -and troops broke up a demon- have said that conditions vary say that on. January 10 the'tele-
free of strikes for the first time stration before Christmas. Other widely among the 49 camps re- .phone . system will,, reopen for
since July 1980. Mr Bogus law independent reports say that ported to hare been set up. The use by - -ordinary. . citizens;
Stachura. a deputy Minister of four militiamen were also killed 300 internees at Bialoleka internal flights were due to

Bialoleka

use by - -ordinary- - citiz en s;
internal flights were due to

firmed yesterday it had received Katowice province — ended

the Interior, told a parliament at tbe_Wujek mine and that at prison in Warsaw, have been resume within Poland today;
tary committee that the last least two people died in the protesting against conditions, limits against movement out-
strike— at the Piast mine in . Gdansk incident . The authorities say that martial side the city of Warsaw are to

Mr Stracfaura admitted that law courts have been ordered to be- extended to 19 miles.

official notification from the December 28. Altogether since force 'had been used at the deal swiftly with as many as
U.S. Commerce Department the imposition of martial law Ursus tractor factory near War- 33,000 cases of people charged
that It will not be allowed to there had been 199 strikes, he saw and at three steel works, under the military regulations,
supply components for the said. The worst strike areas, he said. In the first public admission

Soviet natural gas pipeline deal. Mr Strachura, quoted by the were the regions of Katowice, that the Communist Party is

Officials are still hoping for
a return to “ dialogue," but

copters and patrols boats, was
“ non-offensive.”

M Hernu later stressed that
the arms agreement included a
prohibition against re-exporting
die weapons and was intended
to “detach Nicaragua from a
single supply source of arms.”

He went on to announce that
the -deal also included French
training of Nicaraguan naval
officers and pilots.

ia El Salvador fighting the U.S.-
backed Government of Presi-
dent Jose Napoleon Duarte, and
warned it may take unspecified
steps to halt the arms flow.

... Mr Weinberger said in a tele-
vision interview that the French
sale was “to a country which
has been heavily supported by
Cuba and the Soviet Union and
has taken positions in the area
that we find very adverse to our

None of M Hemu’s reassur- interests. 1

This is because of the sane- official news agency rAE, gave
tions imposed against the Rus- the most detailed official ac-
sians by President Reagan in - count since military rule was

, • .i . TV I -I uru SMTtnAAJ tltn /w^AWftum

id. The worst strike areas, be said. In the first public admission Solidarity continues to refuse

Mr Strachura, quoted by the were the regions of Katowice, that the Communist Party is participate in talks without

official news agency PAP, gave Gdansk, ■ Szczecin, Warsaw,
the most detailed official ac- Wroclaw, Lublin and Gorzow.

undergoing a purge, the party

release

union's

the wake of the Polish mUiitaiy _ ... - - ^

crackdown. against Solidarity. He said that had been released, he said, members. 1

altogther nine strikers had implying that as .the situation The gej
■ E S f h..t died - n the early days of became more stable, matrial law a lull in

leve d it . would be affected but martial Iiw would be gradually relaxed. Solidarity

iad received no formal notifl The j 3e p Uty Minister added Mr Tadeusz Skora, a deputy command.

imposed

Altogether 5,906 activists had

newspaper Trybuna Ludu has -presidium, and the -Church is
called for a cleansing of “un- refusing to join in unless the

ances has cut much ice in Wash-
ington, where the first reaction
by outraged Pentagon officials
was that the deal, announced in
Paris on Thursday, was “ a slap

The spread of Communist and
left-wing influence in Central
America is one of the Reagan
Administration's main, foreign
policy nightmares.

crackdown been, detained but already 839 worthy, unreliable and passive Solidarity leadership is allowed

lieved it would be affected, but
had received no formal notifi-
cation.

The Commerce Department
has reclassified the components
shipped by GE for assembly by

would be gradually relaxed. Solidarity, bereft of a central

m ra5 1 ■ rs " , . . 'to negotiate as well. Politically,

The general picture suggests therefore, there is a stalemate,
a lull in the immediate crisis.

Solidarity, bereft of a central The Primate, Archbishop

Mr Tadeusz Skora, a deputy command, as quietly reogroup- Jozef Glerap, has protested at

that 49 miners and 41 militia- Justice Minister told the parlia- ing with calls for passive
men had been injured in the. men tary committee, that de- resistance but is advising

Wujek colliery when eight tainees were being treated well, against active confrontation,
miners were killed in a clash and allowed food parcels, mail The -authorities are emphasis-

the military authorities’ insis-
tence that Poles who work for
central or local government can-

EEC steelmakers
challenge Brussels

its European -partners to re- with militia, and that one man and visits from families,
quire a validated export licence

and these licences are no longer __ # _ m m •

S.ir a “ of Pans coalition preserves

Under a deal worth $175m. _ m

2 TggsrsF&TS unity despite differences

Brown of the UK, AEG of West *

Germany, and Nuovo Pignone BY DAVID HOUSEGO IN PARIS

of Italy, which are to be shipped the FRENCH Socialist and months ago, a brief communique
to the Soviet Union, for dnstal- Communist parties made clear said that both sides accepted
lation on the pipieline. yesterday that they would not they bad differing viewpoints

’ James Buxton, adds from allow their sharp differences over Poland.

Home: ENL the Italian state over Poland to lead to any

energy concern, yesterday immediate breach in the coali- The communique emphasised
denied a report that Nuovo tion Government in which they the positive points of their co-
Pignone, its engineering sub- are partners. operation in government and

sidiary, would be able to supply After the first meeting of the their willingness to work to-
comp orients needed for the party leaders since they agreed gether in support of agreed poli-

The -authorities are emphasis- not also remain members of
ing those features which point Solidarity.

Poles barred Baltic ports
from state halted by
debt meeting blizzards

BY GILES MERRITT IN BRUSSELS

TWO EEC steelmakers — penalty for exceeding Its first
Kloeckner-Werke of West Ger- quarter 1981 production, quota
many and Alphasteel, the by 28,000 tonnes. .

British independent — have
filed actions against the
Brussels Commission in the
European Court of Justice in
Luxembourg.

If their complaints are upheld
the operation of the present
production and prices regime in
the steel industry by the Com-
mission could be severely hin-
dered. '

All five suits .concern the pro-
duction quotas that have in
past months been imposed on

lation on the pipieline.

James Buxton, adds from
Rome: ENL the Italian state
energy concern, yesterday
denied a report that Nuovo
Pignone, its engineering sub-
sidiary, would be able to supply
components needed for the
Soviet gas pipeline.

. to form a joint Government six cies.

operation in government and
their willingness to work to-
gether in support of agreed poli-

BUILDING SOCIETY RATES

Deposit Share Sub’pn

rate
- %

accounts

%

shares

%

•Term shares

Abbey National

9.50

9.75

11.00

1L76 6 years. Sixty plus, 10.75 1 year
- high option, 10 .25-11.75 1-5 years
open bondsbare

Aid to Thrift

10.50

10.75

—

—

Alliance

9.50

9.75

11.00

11.75 5 yrs., 11.25 4 yrs., 10.75 3 yrs.,

11.00 £500 min., 3 mlhs.' notice

Anglia

9.50

9.75

11.00

12.00 6 yrs.. 10.75 1 znth. not int loss

Bridgwater

9.50

9.75

11.25

11.75 5 yrs., 10.85 2J yrs.

Bristol Economic .:

9.75

10.50

11.00

9.75 3 months’ notice and 10.75 on
balance of £10,000 and over.
Escalator shs. 10.25-11.75 (1-5 y)

Britannia

' 9.50

9.75 .

11.00

11.25 4 yrs^ 11.00 2 months’ notice

Burnley

9.50

9.75

11.00

11.75 5 yrs, 10.75 3 months’ notice

Cardiff

9.50

10.50

11.50

—

Catholic

: 9.50

10.00

11.00

11.25 Extra share 3 months’, notice

Chelsea

• 9.50

9.75

11.00

11:75 5 yrs, 11.15 1 yr, 11.00 3 mtbs.

Cheltenham and Gloucester

9.50

9.75

11.00

—

Cheltenham and Gloucester

■ —

10.75

—

• — Gold Account Savings of £1,000
or more (9.75 otherwise)

Citizens Regency

— -

10.00

11.25

12.00 5 yrs, 11.05 3 mths.’ notice a/c,

11.30 6 mths.’ notice a/c

City of London (The)

9.75

10.00

11.25

11.25 Capital City shs. 4 mths.’ notice

Coventry Economic

9.50-

9.75

11.25

11.50 4 yrs, 11.25 3 yrs, 11.00 3 mths.

Derbyshire

9.50

9.75

11.00

10.25-10.85 3 months’ notice

Ealing and Acton

9-50

10.25

—

10.90 2 years, £2,000 minimum

Gateway

9.50

9.75

ii.oo

11.75 5 yrs., 11.25 4 yrs, 10.75 3 yrs.

Gateway

' —

10.75

—

— Plus a/c £500 min. InL f-yearly

Greenwich

—

10.00

11.25

12.00. 5 yrs, 1125 3 m on thsV notice

Guardian

9.50

10.00

—

11.75 6 mtb, 11-25 3 mth, £1,000 min.

Halifax

9.50

9.75

11.00

11.75 5 yrs, 11.25 4 yrs, 10.75 3 yrs. ”

Heart of England

9.50

8.75

11.09

— 3 mths.' notice 10.75, 5 yrs. 11.75

Hearts .of Oak and Enfield ...

9.50

10.00

11.50

11.75 5 yrs, 1125 6 mths.’ not, 11.00

4 mths.’ not.

Hendon

10.00

10.50

—

11.50 6 mths, 11.25 3 mths.

Huddersfield and Bradford...

. 9.50

9.75

1L00.

1L25 5 yrs, H.25 4 yrs, 10.75 3 yrs.

10^5 2 yrs, 11.05 Golden key 28

Hays' penalty interest 5

Lambeth

9.50

10.00

11.75

12.00 5. yrs, 1L75 6 months' notice ^

Leamington Spa

9.60

9.85

13^0

1L35 1 year f

Leeds and Halbeck

9-50

9.75

11^0

11-75 5 yrs, 10.75 1 mth. int penalty r

Leeds Permanent

950

9.75

11.00

11.75 3 yrs, E.L a/c £500 min. 10.75 o

• Leicester :

9.50

9.75

1L00

11.75 5 yrs, 1L25 4 yrs, 10.75 3 mths.

Liverpool

9.50

9.75

11.05

11.75 5 yrs, 10.80 1 mth. int penalty t

London Grosvenor

9-50

10.25

12.00

10.75 O months’ notice ®

Momington

10.20

1LQ0 •

—

G

National Counties

9,75

10.05

1L05

10.75 35 days’ notice min. dep. £500, c

6 mths.’ 11.15 min, dep. £500 y

Nationwide

950

9.75

1LOO

11.75 5 yrs, £500 min. 90 days’ notice.

Bonus a/c 10.50 £2,500 min,, c

10.75 £10,000 + 28 days’ notice 5

Newcastle

9.50

9.75

11.00

11.75 4 yrs:, 10.75 2 mths.’ notice or c

on demand 28 days’ infi-penaity

New .Cross

10.50

10175

10:75-11.50 on share acres, depending
on min. balance over 6 months

Northern Rock

9.50

9.75

11.00

11-75 .5 yrs, 1L25 4 yrs, 10.75 3 yrs.

Norwich

9.50

9.75

11J25

10.75 3 yrs, 10.5Q 2 yrs.

Paddington

3J25

10.25

11^5

1L25 Loss 1 month int on sums wdn.

Peckham Mutual

9.75

10.75

—

11-25 .2 y, 11.75 3 y, 12^5 4 y, 1L0 Bns.

portman -

950

9.75

11.25

11-75 5 yrs, 11.00 6 months’ notice,

10.75 3 months’ notice i

Portsmouth

9.85

10.05-

1155

1210 (5 yrs,) to 1150 (6 mths.)'

. Property Owners

9.75

10.25

11.75

11.75 4 yrs., 11.75 6 mth, il.05 3 mth.

Provincial

9:50

9.75

11.00

12.00 4 yrs., 1L25 3 yrs.. 10.75 2 mths.

Skipton

9.50

9.75

11.00

1055-11.00 28 days’ interest penalty

Sussex County

9.75

10.00

12^5

1L00 instant withdrawal (vtion -

Sussex Mutual

9.75 •

10.25

11.50

10.50-11.75 all with special options

•Town -and .Country, —

950

9.75

1L00

11.75 5 yrs, 1155 4 yrs, 10.75 3 yrs,

1LQ0 imm. wdL 28 days’ int loss /yj

Wessex

9.75

10.75

—

ii

Woolwich

- 9.50 -

-9.75

1LOO-

-11.75 -8-yrs. £500-min. 90 days’ not on ™

amt wdn., 10.75 £500 3 mth. not

.Yorkshire ...»

9.25

9.75

11.00

10.75 1 month’s notice deposit

* Rates normally variable in line with changes, in ordinary, share rates* *.

All these rates are after basic rate taxability, has been Settled jm. behalf of toe investor.

By Peter Montagnon,

Euromarkets Correspondent

POLAND -Is now expected to
be excluded from a meeting
of its leading 'Western
government creditors in
Parts next week, thus poshing
its debt problems into even
deeper stalemate:

The meeting, which was
scheduled - before . the imposi-
tion of martial law on Decern-:
ber '14, has been in doubt
all this week. By yesterday
the Western governments in-
volved bad still not confirmed
Poland's invitation to attend
and the meeting was expected
to go ahead without Polish
participation.

Its object was to have been
to dlscnss rescheduling of
some J2.5bn to $3bn (£1.3bn
to £1.56bn) of debt falling
due to Western governments
this year, but it is under-
stood that Western govern-
ments feel there is little point
in taking up this issue in the
absence of an agreement be-
tween Poland and commercial
banks covering debts falling
due in 1981. .

Moreover there is little'
political will -among Western
governments to proceed with
1982 rescheduling so long as
the repressive policies of the
military government con-
tinue.

• In a statement yesterday
National Westminster Bank

By Leslie Colitt in Berlin

AS IF POLAND'S problems
rwere not serious enough, the
nation has been paralysed by
severe blizzards in the north,
flooding in its central regions,
and gales in the south.

Polish radio ' reported - that
work in the Baltic Sea ports of
Szczecin, Swinoujscie. Gdansk
and Gdynia was halted by snow
.'storms and -frozen' -equipment
' -' Some 40 ships are waiting to be
unloaded at Szczecin. .

The stoppages are the result
also of a reported go-slow by
PoMsh dockers, who were among
the first workers to strike in
August. 1980. Supplies will not
be reaching Polish factories,
already crippled by a lack of
raw materials, spare parts and
a disgruntled workforce.

The suspension of operations
at the major coal port of Swin-
oujscie came as Polish radio
said coal production had
reached its highest level in
months, although 400,000 tonnes
were said to have been lost due
to strikes in Silesian mines
when martial law was imposed.

Coal transport from Silesia is
also reported to have been
affected by frozen switching
equipment on rati lines. AU
rail and road transport has been
sharply restricted. Fallen tele-
phone lines, however, have had
little impact as .a restricted
telephone service is not
scheduled to be restored until
tomorrow.

Power lines are also down,
and many villages have been
cut off from Gdansk to the
Soviet border. Flooding has hit
the Elblag region of northern
Poland where 25.000 acres are
under water, and the rising Bug
river has submerged 60,000
acres.

represents

Hills where
Forte has
become a

t •

fairytale

. By Rupert Cornwall hi
Ostatatti co ’

“CHARLIE was so faS of life,
and a great sportsman too.
He was a forward in the local i
- [football team. ft was a great .
side. We used to heat every-
one round here.”

M Here.” 3s toe tiny hamlet of
MortaSe, perched on a hill-
top 70 miles -to the south of
Rome, and Sig Antonso Forte’s '
eyes & tip at toe memory, as <

'! he sat in the living-room of V
' the bouse to which he has
•retu rned after half a lifetime
spent as an Italian immigrant
to Bray, Co. Wicklow.

" Charffie/Vof course, is his far
more famous consiit that
other Italian emigrant lately
elevated to the British i
peerage. If i&tsth be told, the V
new member, of the House of ■
Lords spent very little of his
life in Mortaie, -where be was
born, in 1908. - -‘

the most serious potential threat to Ait the age of three, he left to

the steel -rescue plan, for in

Fishermen from Norway
end the EEC countries were
able to resume fcMng in one
another's waters from yester-
day, after France w ithdrew
its veto of the 1982 fisheries
agreement between Norway
and the Community, Fay .
GjeSter. writes from Oslo.

the two steelmakers as part of

the Davijrnon Plan, named after order to ^ain an annulment
EEC • Industry Commissioner Q f the fine Ktoeiflarei- is asking

' jrintoe family, already estab-
titoed in Glasgow. A few.
-years later, he came back to’
Italy so go to hoarding school
in Home, re t urning to Martide
onSy for tire hohdays. Then,
“at 15 or 16, I flunk."
Antonio relates, he left for
good.

But even a memory blurred by
age cannot dent a fairytale,
and in a -part of Italy, bled
.tiwougboot. history of its best
by emigration, the story of
Lord Forte is a recompense

Viscount Etienne Day igmm , for Luxembourg court to .de-i*fbr. efl the others, unsung,

Tiur c ir w trip (raliwnr rra^lr ... ■ _ ..*f . „ .. - . ...

nursing the steel industry back
■to health by limi ting output in
order to bolster prices. \ .

. One of the three suits by
Kloeckner-Werke also chal-
lenges the $2m fine imposed on

dare- illegal tire derision itf
1980 which established tire
system of quotas^ ■■ •

The other four suits also risk
introducing, -legal uncertainties
■which could make tire Davognon"

■the West German company last Plan inoperable, should they (be
October by the Commission as a upheld.

Pipeline blasts a mystery
as oil pumping resumes

BY OUR FOREIGN STAFF

PUMPING «of Iraqi oil to the
Mediterranean .. terminal at
Tripoli, Lebanon, was resumed
yesterday following the repair
of a section of pipeline
destroyed by an explosion last
Sunday.

As yet, however, no accusa-
tions or claims of responsibility
have been made for the rupture
of that facility. As much mys-
tery surrounds the blowing up
of the even more Important
pipeline Jinking Iraq’s oil fields
to the Turkish terminal of
Yumurta'Iik.

There is speculation that the
damage to the pipeline to
Yumurtalik, just inside Turkey,
was the work of Kurdish dissi-
dents. In Iraq itself irregulars
of the Kurdish Democratic
Party led by Mahsoud Barzam

are to armed confflct wttir ™ ?<****&>. putting

rivals sponsored by the BaaQrist Grosvenor

regime in Baghdad under lire ^ havin g Orem back

command of Jallal Talatoam. • J? pogravia tome for
The explosion bn the spur- utoner.

.line to Tripoli from the Kfiricuk- 1x1 return, Urey gave him a
Banias pipeline may -be the parchment scroll of recogm-
work of local feudal or gangster tion from tire commune, and
elements wbo want a share of plans are afoot to nam
tire 35 cents per barrel transit Mon tale's one square after
fee, according to mcperieuced him .
observens of the/ Lebanese Today, Casalattico has a popu-

SSSSSSZ

Sporadic fighting between rival • Sro. w S

factions has continued in mainly the^fie of^ RentfhSL* tEL?
Moslem West Beirut despitea „ , Rip “ B “ Roine ’

ceasefire arranged on Thursday Be ° ea ¥ L kes - .£he yafley of

[ ‘.who have left those poor hills
for work and opportunity
elsewhere. Around Mortal e,
• everyone knows him.

14 As a Child, he -Wanted to be
top afi the time, he vfras al-
ways a • leader,” his cousin
says! Sig Angelo Morelli,
deputy mayor of Casalattico,
the local commune, remem-
bers Lord ' Forte with evident
pride as “ astute, Wit down to
esuth, and always ■reachable.'’

As If to prove the point, the
..local boy who has become a
top hotelier and caterer in-
vited More Hi and the mayor,
Sig T tammas o Quintigliano,
back to London for a week a
couple of '.years, ago, putting
tirem up to flhe Grosvenor
House, and having them back
<to his Belgravia tome for
dinner.

In return, they gave frim a
parchment scroll of recogni-
tion. from tire commune, and
pl ans are afoot to name
Mortal e’s one square after

Today, Casalattico has a popu-
lation of ■ only 750, ’ spread
between half a dozen hamlets,
scattered across the lower
slopes of Monte la Sllar a Its
name traces back to Pom-
poruus AttlcUs, • friend of
Cicero* and a local lord in
the age of Republican Rome.

■ -ill d

•4lera

French employers friendlier to Mitterrand

BY DAVID WHITE IN PARIS

of .! the
Employers’

French

Council

its relatively con
atmosphere. ,

M Gattaz said he was

conciliatory development contracts” within plans for extending worked’
individual companies, which rights
was “agree- would link a set schedule of But he said

organisation’s

relations with the eight-month- firmed his own high -rating
old Socialist Government among French businessmen

President Francois Mitter- despite their generally gloomy
rand yesterday held talks with view of the business climate,
a delegation headed by M -Yvon The Minister sought to re-

agree- woum lime a set schedule of But he said tire emnWr^’
m riVh?M npi n « statements wage increases with improve-, body would not
madeby M Delors, who con- meats in conditions. ' . tematic critieiJ^ ^ J£f«

a delegation headed by M -Yvon
Gattaz, who was confirmed last
month as the council’s new
chairman, succeeding the 69-
ycar-old M Francois Ceyrac.

A businessman’s meeting, the

despite tneir generally gloomy ments yesterday, registering a
view of the business climate, further 0.8 per cent grin after
The Minister sought to re- a strong rise on Thursday,
assure industrialists by speak- M Gattaz emphasised that
ing of tile need for a prudent business leaders were still
fiscal policy and for greater extremely worried on several

Th- pT- » . . • tem&tic criticism,” and denied

The Pans Bourse reacted that the employer class was
favourably to M Delors’ state- subject to “a visceral hostnUtv
ments yesterday, reristerine a- * VIScerai Mstifoty

flexibility In the use of indus- fronts— including a low level of
tnal equipment, in exchange for company resources, prospects of

thp rpritintinn in tV,. «.s_i ... . r .

the ^ d m the 'working higher social and other charges,
in?!?**' week to 39 hours. uncertainty about the prirate

Minister, He also proposed the drawing- sector’s role after nationalisa-
nent for up of competitivity and tion, and. .the Government's

y rL ieraay ’ registering a- to socialism.'’ ^

?™r, r c° L per ^ nt ^ *** A survey commissioned by

M Gattaz emphasised that sion showed- at nan
business leaders were still ton busmpeem^
mremriy worried <m several K
fronte— induing a low !evd of “frirt^r
company resources, prospects of about the cuircmsfitST^
higher social and other charges, poll, carried Tt

unc^taanty about the private foundlSSy
sector’s role after nationalisa- plaurimito dnlSiTihS? J2?
to, and, .tiie Goverameat's forcS^ wrt-

Top Italian banker promoted

BY RUPERT CORNWBl IN ROME

DR MARIO SARCINELLI has on the orders of investigating
n ?i n f d a *J ire ct° r General magistrates for two weekf

Sig Sarcinelli

of the Italian Treasury Minist ry
replacing Dr Felice Ruggero,
who has been forced to step
down after his name appeared
in the membership lists of the
P-2 Freemasons lodge- last
summer.

' The promotion of Dr Sarcin-
elli from his present post of
Deputy Director General of fhe
Bank of Italy was announced
after a Cabinet meeting yester-
_.. da y- It effectively closes the last
chapter in the 1979 “Bank of
Italy Affair,” in which he was
a main target of a trumped-up
attack on the central bank.

Dr Sarcinelli was imprisoned

before being released and sub-
sequently cleared of wrong-
doing.

The appointment ■ has
coincided witfi new statistics
showing a worsening of Italy's
trade performance after the
marked improvement of
October. November’s deficit
almost tripled to Ll,158bn
(£5 00m) from the .previous
month’s L410bn. The accumu-
lated deficit for the first 11
months of 1981 reached
Ll6.543bn. (£7.'lbnL slightly
lower than the L17,368bn short-
fall in the same -period of 1980.

ment continued to .dhrib. At
the end of October, according
to figures issued yesterday, the
jobless total reached 2 Jm, or ;
9-1 per cent. of. toe .workforce/
Industry’s difficulties since then
have, if anything. Increased, and
the current -total- almost -
certainly is higher still, carry-
uig Italy closer still to double-
digit unempoyment. . •

FINANCIAL’ TIMES, published daily
oncapt Sundays and holidays. - U.S,
subscription mss SSB5.00 par annum.
Second Class postage -paid, ot Now.

At the same time, unemploy- emum**'' at •* ,f V°? a L

Gotnino, strediching’ away to t

the snowcapped Abruzzi . *■

mountains. The land is as
poor as it is beautiful, offer- .• "
ii^atbest.ihodest.agricul-..''''--'-
t ure, a : httle cattle' and Sheep
farm ing . Dreams, .of turning .

the ' area . into an _ upland . -:
tourist centre have never
materialised. .*’«•

Mortal e is one of the smallest ;• *■•..’ “ -
communities— a count the.^'l-
other night oould not deter- ...

mine whether:' the permanent ■

■ residents were 49 or 50. In
summer, ■ the number briefly :
doubles, -as -the -emigrants ! : .'

■ come home for their holidays. ^ .’

Almost everyone there is called '

■Forte, and unofficially the >

place has long been known as /-. .
Monforte. In I talian. JHortale *
means M mortal " or “ deadly" -S
and nobody, likes the name. '?■*. ' -
.“ We’re trying to have it

- changed officially ” says Sig. ■

MoreKH. But in -Italy, these . V > -
things take time. .■ *

Everyone, too, seems 'either a “■ . ' -■
former emigrant, or likely to . V

■ ■. become- toe British ...

fcles one- of toe biggest -tradi- ■ **, r -■ ..
. tional destinations. At -74, Sig V” -

- MoreUl- hansrif is a- ease in
point,_htts career in; some ways \ . v ■.
a mmiatuue version -of that of V s *

Lord Forte, -one year his '

^ junior. ...... _ . V

He hM ^pent 53 .years of Jtis life
an lr^nth .^I arrived f or the /.■'-V 2*
first time in Duhim. in 1916, V ‘ *' -
J-0 days . before toe Easter. '■£« ‘ ' .
RAellion, and found myself * '

. to toe middle of It" - ^

w^n Locd Forte goes- bade to > '

toe place of • his ttrtfc, it is ,

. only for sl hour or two. But v '4, v

- m- toe best traditions of an * , * -

ItaUm radgrant, he is having v> ' > , " •
tos childhood home .done up. Vi , i > .

T oday, pgtntea white with smart -ii '• ^

: wooden shutters it ; '%•<-'.] - ./

is; almost readjv writing _for
■' - improbable; - permanent . ^

- r«tum-4o.aftwtajerrttf toe peer vsb.^-
; (Of a faEaw^y ifi ^4 . >V' y y ■ *

3

*£■

... .•&•*.££.•" 3v t

£±

■■ ■■ • ; rrji

- ■. '--■> lT»T.

Bf Rohfa

DUNLOP
cedthe

ftftOC tOVi

fcSSfetftk

•Wltll-

jobs : tub^^^contftwnXU

1 withdraW^^tajtt / tiie^-div-lt-
. yourself; rtffit ir- antL *a£rpet
' tile -•? ?'■%•■ ■

- Its closmr^ decision follows
a ti :ee-ww* «»cc?pati'.»a of
the 459

employees. They were de-
manding * withdrawal ' of fiO
redundancy fcotiCe&kad guar-
antees oT/turtoer Investment
to s eeore the plant's long-,
taminbiri.; ■• : • •'

Last Mondaythey. rejected
a return*to J worfc formula
offered by the company. Don*
lop said that as a molt, of the
effects' of the sit-in, it s*w “no •
alternative except proceed
with the permanent closure -
of nhe pJam.” ': : : - ■ -

The. statement*:: added:
"The recent, industrial .a©--
■tiott has irretrievably dam-.

:. aged ; the jdfylMon^ already
. facing dffllcnlt trading con-
ditions. it , has forced' major
customers to seek supplies ■
elsewhere,- - pudenmningi the .

■ e fforts of management to
continue Bupafli ctnri ay ac-
ttrity. eat - the site.? . :

According . to the com-
pany’s statement, its DIF
division retarded a loss at
£Z2m in 1980 Bad, before the
sit-in began, -expected a loss
of £USm In 1981. Cumulative
losses in tlte -last 'five years
bad exceeded £6m.

The closure is another -
major shock to . the Ebbw
Vale area, which has' suffered -
badly from rundown of tfae ;
steel industry..

Mr Gareth Morgan, the
local mayor, said the closure'
of the plant' which opened fia
Bjynmxwr in the . mid-lS30s,
was * a sad and Witter, blow ■
for the comnmnHy. TSe local
authority would be doing aH '
ft could to persuade Dunlap
to change its mind. - ; .

Mr George . Wrigh-L. Wales 1
secretary of the Tt
and General Workers*
the union involved;, said -he ■* 1
was aSk&ig

draw fre ciORire iMOee. nt&
had so fair been refused, but
he was arrangjogto meet the

factory’s, shop rewards hi
Cardiff on Menfiaf. mi <&scasif A

the dispute
have tmber.
company.

The dosarei anhjwiMseiBent
also caused .some surprise j
among' Dunlop’s can^dton
in the DOT floor coverings
marked Its “ Aristocrat^ self-
adhesive, riuyl y-tUe.' and
** Sprfngtex ” carpet tfle have
been brajrf-leadcrs is* their
p^rti^niar sections - - the

'Mr David Sfqrrish, market-
ing director of Dunlop’s main .
rival, JameS - Halstead—
between theur 'they account,
for some three-quarters of
the vinyl and carpet tfle WY
trade— agreed that trading
conditions have been- difficult. .
because of the recession:

However, he streamed that
Dmriop’te withdrawal pro-
seated major . opportunities'
which his c ompany inten ded
to develop: - ; • . •" ; ~-v

Tories look to Hillhead toffs to keep their only Glasgow seat

Mark Meredith on what the by-election in the city’s affluent area may bring

HILLHEAD Ss the posh .bit of
Glasgow -oorto- of the GJyiie,
wte(& ,toflfe;Uye in IVaHy doses
and . the 1 kufi.es of Kelvinssde. -occupiers
arereputed to consider seat as people,
something used to oaijry coal. -
The -WaJiy doses are each*'

‘ djwe hut ' edderiy asmrtment
buSJjHngs ' In toe 'Hyrnfland
district, where the tiles -to the

and professional

Despite .the fact that this
constituency has returned a
Conservative since 1922. the
area does not shout “Tory.”
There is a heavy portion of
ind us t ri al structures to offset

hallway go all the way -to the . tii® nw»e refined\parts.

top of the building and don’t
jnst stop ait the. first floor. - '

The siteufBrttaio.’s uextby-
eieolion. has some of the city’s
finer r-esideiitfcd- arufaatecture,
one of its top feerpesiag schools
and.. a lot of toe'cHty’s wraer-

And there is every indication
that its days as Glasgow’s only
Conservative seat tn a sea of
labour voters ore about to come
under strain. The character of
the area is changing and the
proposed boundary alterations
for the next general election

make the future for HSMhead
snub less certain. .

The death' last week of- Sir
Thomas Galbraith, who held
the seat since 1948, is likely
to plunge tins part of Glasgow
into political tunmnl, 'the tikes
of wbioh it has not semi for
decades.

Along with Its fine bail dings,
including the newly restored
Grosvenor Hotel overlooking
the botanical garden, the
constituency has an industrial
side which stretches along the
Clyde docks, many of them
moribund, and includes indus-

trial activity around the Albion
motor works, the Yarrow yard
and a string of industrial shops
and warehouses fitting up the
gaps left by dying shipyards.

It has a large -belt of worker
housing in Scotstoun which one
analyst said had been tradition-
ally the source of Orange Lodge
support for the Conservatives.

But in district elections in
1980, this area returned a
Labour councillor, whereas the
other three councillors from
Hillhead on Glasgow City Coun-
cil are Conservatives. The

councillors on Strathclyde Re-
gional Council from Billhead
are both Conservatives. They
come up for re-election this
year.

Local politicians explain the'
existence of this Conservative
enclave in several ways.

The nature of the area's
housing has tended to favour
people who might vote Conser-
vative, they say. Hillhead has
one of' the largest proportions
of privately-owned housing in
Glasgow, a city with a vast
amount of public housing.

A large population of
elderly owner-occupiers might
also be counted on to vote Con-
servative because the area
appeals to professional people.

Hillhead is a kind of dor-
mitory for Glasgow University,
just outside its boundary and
the constituency includes the
fee-paying Glasgow Academy as
well as Jordanhill teaching col-
lege.

The presence of the university
may account for the increasing
numbers 1 of boutiques and small

restaurants which' have added
flavour to parts of H ill h ead.

High in the mind of the pros- ,
pective candidate for this by-
election wall be the worry
whether be or she can hold on
to the seat after boundary
changes.

The effect of these changes
is to take some of the industrial
belt along the Clyde out of Hill-
head but add some areas of
Kelv-mgrove to the east This
will help the Conservatives by
removing one district which
voted Labour, but the votes of
the new areas sfcre much less
certain.

Phillips takes first step to
develop £1.5bn oil field

am©*

A - 'NORTH SEA exploration
groups -led by Phillips Petro-
loSm; &as\ taken the first step
la _ a j field -development plan
costing about fl.SbtL
The group " is calling lor
tenders for : the preliminary
ddsign of production facilities
for its complex of fields in the
so-called' T ' block, 160 miles
north-east - of Aberdeen.

Phillips is also conducting a.
new seismic survey of the block
in a further bid to assess- ite
oil-producing potential. .So far
i2 wells' have been drilled on
the licence concession-|— block
16/17. Nine of .these wells
located oil in reservoirs
designated Tiffany, Teresa,

Toni, Thelma and Tina:

It -is. understood- that if
Phillips decides to proceed with
development — and the group is
still some way from making
such" a commitment— it will first
exploit the Toni and Tiffany
reservoirs in. the northern por-
tion of the block.

Phillips is calling for. the
design of two fixed steel plat-
forms, drifting equipment, flow
lfroues and subsea well units. The
is.- expected to begin in
February - and to take about -
nine mouths.

The group, which includes
four other partners, is also
planning tq await the outcome
of the Government’s reappraisal
of the North Sea tax structure
before committing itself to a
development plan.

Phillips has yet to publish
recoverable reserve estimates
for T block. • According to
Wood, Mackenzie, the stock-
brokers, however, the block
could contain between 200m
and 400m barrels of recover-
able oil and SOO-SOObn cubic

feet of gas.

As such the T block complex
of fields ranks among the
medium-sized discoveries by
North Sea standards. The geo-
logical complexity of the reser-
voirs and their distance from
shore will make It one of the
more expensive projects. Wood..
Mackenzie estimates capital
costs will be in the range of
$3 bn to $4bn_

According to industry reports
Phillips and its partners may
use British Petrol emu 1 s pipeline
between the Forties Field and
Cruden Bay, Scotland, to trans-
port their T block oH.

It is likely, however, that
natural gas will be transported
by a completely new line, pos-
sibly one built in co-operation
with other nearby producers.

The T block was to have been
the main junction point of the
Government’s proposed £2.7bn
gas-gathering complex which
was abandoned last year be-
cause of financing problems. 1

Partners in T block are:
Phillips (35 per cent). Petro-
fina (30 per cent), Agip (37-9
per cent), Century Power and
Light (8.6 percent) and London
and Scottish Marine Oil (8.5 per
cent).

Blizzards disrupt communications

jjf <'£rc j ■ ;1 ~ .. -■■■■

times REPO*™

RQAD. RAlS»4Hjd, air ernmnuni- blocked in the South-We st, wi th
cations were Severely disrupted falls of snow up to nine inches.
thr<ui^K)Ut Britain yesterday as Many raft services were
blizzards and freeing tempera- suspended.

Minister
out at
unilateral
‘illusions’

Bjr Peter MddriC Pblitfcai Editor
AN APPEAL fo unilateralists
to pat away “fireside
fflusHMts*’ and to bade the
negotiations between the U-S.
and Soviet governments was
made yesterday by Bfr Douglas
Hard, Minister of State at the
Foreign Office.' *’

Speaking at a conference In
Oxford, Mr Hmd put forward
what is Hkefr to' be the main
thrust of- the Government's
counter-attack against the
nnUaterdJstsr
Mr Hurd said that in view
of tbe PoHsh situation and
the talks starting soon in
Geneva between the U-S. and
Russia, the peace movements
would have to reasses their
-tactics.'''" «

“ Events in Poland have
knocked sideways the analysis
on which most of them have
been operating. Madbrnf their
criticisms has been one-sided ■
and directed at the Ameri-
cans alone.

“It is net credible any
longer to speak, as they often
do, *f -two sets of politicians :
in East and West, equally
blind and culpable, suppress-
ing the desire of their people
tor peace and disarmament”
Mb'. Hurd said that toe
peace movements had failed
to mobilise protest In toe-
Soviet Union. “ UnOaferaftst
pressures, operating one-
sidedly on Western govern-
ments atone,. , make it less
likely that the negotiations
win : succeed- , because they
remove the incentive for the . .
Russians to compromise.

“Those who are genuinely
Interested in multilatera l dis-
armament should now turn
away from slogans, put their-
fpll weight . behind the
negotiations which are Just
beginning, and concentrate on
studying juhI prophesying toe
practical problem* of balance
and verification- ” -

tores returned.

The outlook for much of the
country remains bleak. More
snow is expected.

Most severely . affected by
yesterday’s falls of snow were
toe Soufh-West of England, the
Midlands and Waies. Tempera-.
Cures plunged to —15 degrees C
in Edinburgh and Aberdeen.

Hundreds of roads were

Many homes were without
electricity in Cornwall after
the weight . of snow brought
power lines down.

In the London area aigports
were severely disrupted. Gat-
wick in Sussex was closed to all
traffic for 12 hours, reopening

be cleared within 24 hours un-
less the weather deteriorates
further

Hundreds of workers In
central London failed to report
for work, with severe delays on
tube and railway services in toe
South-East region. Many em-
ployers sent workers home in
the early afternoon. Some inter-
city services from Euston were j
cancelled and services to Bir- '

in mid-^ternoon. It was hoped mingha m , Liverpool and Mac
that toe backlog of flights could Chester were cut by aO per cent.

Prudential admits bias against women

BY BUC SHORT

THE TKCDENTIAL Assurance the company , toe contacted the reliable actuarial
Company, Britain’s largest life Equal Opportunities

insurance company, yesterday
a dm i t ted discriminating against
women in its sickness policies.

The company was challenged
-in court by Mrs Valerie Turner,
a company secretary living at
Tburlstone, near Sheffield, over
a sickness pblicy. This contract
agreed, to pay a benefit of £6 a
week if she fell sick ^or art

Commis-
sion, which suggested court
action under the 1975 Sex
Discrimination Act.

The Prudential admitted be-
fore Judge Ranking at the City
of London County Court that it
had breached the Act. Sirs
Turner won £500 agreed dam-
ages from the Prudential and
the company will pay her £300

annual premium of £34. But for le^jl . .

the same premium, the benefit The 1975 Act allows for m-
naid to a man was £10 a week- surance companies to provide
Mrs Turner considered this tower benefits lor women on
clause unfair and failing to get insurance contracts, provided
a satisfactory explanation from calculations are based on

data. Mr
Brian Corby, chief executive of
toe Prudential, admitted that
under the policy in question,
benefits had not been based on
the right data.

The Prudential’s new per-
manent health insurance con-
tract, paying sickness benefits
for permanent disablement j
would give women benefits at
two-thirds of the level for men.
He emphasised that these bene-
fits were based on reliable pub-
lished data which showed that
women were more prone to sick-
ness toan -men.

BL failed to spot £250,000 stolen stock

A BL PLANT lost £250,000 of have been in stock in Glasgow worth about £130,000 had also
stock and nobody knew It had and called in toe police. 44 of

C0Urt ®* ensues J? 0 ’ 00 ? Behead, Strathclyde, director

heard yesterday. were found an Scotland and a garage company, admitted

It was -not until a Ley land England, and the Royal Ulster jgcgjving 24 engines and a

director was told that heavy Constabulary found another 18
vehicle engines worth £5,000 circulating in Ulster which no-
were selling at bargain prices body knew about,
that an investigation began. All should have been in stock
The director bought one of at BL’s Albion works in South
toe “black market” engines Street, Scotstoun, . Glasgow,
himself, found it should still Alternators and Tachographs

quantity of alternators and
tachographs.

Sheriff John Mowat, who was
told that all the equipment had
been recovered, fined Summers
£7.500 and gave him three
months to pay.

UK CAR REGISTRATIONS

December 12 months ended December

1981 % 1980 % 1981 % 1980 %

Total UK produced .
Total importedf

Total market

27205
29.125
■ 54J30

4830

51 JO
1004»

24,520

22,445

5QJS5

5554

4406

100J»

568£89

876,531

1,484£Z2

4433

55.67

100.00

655,442

858319

1513,761

4330

54.70

10030

fold*

BL*

18390

11W

3045

21.15

17.445

1U12

3455

22.19

459345

285,071

3094

1920

464,706

275,793

30.70

1822

General Motor*—
VaoxhaM* ,

Opel

Total CM

5,99 4
358
43*4

KM4

TU4

3fi92

£04

4,616

752

9.15

107,572

18,796

727,141

724

836

709278

22369

133,078

73!

*79

Peugeot group—

Talbot*

Citroen

Peugeot

Total Peugeot

1*53

L2I7

452

3J21

228

«T

*3*6

618

60S

4592

4j60

9.0t

Ofi*

2739S

17305

11L248

438

7A3

1111

400

929

DatsUn

YW-Audi

Renault

Bar

Volvo

2,150

XXL

2JS4

U14

2,090

182 '
445

530

2*7

3.71

74

2J40

4,174

1,075

1345

0.15

4.43

8.19

2-11

1M

88309

80221

72,041

61,977

44358

5.94

5.40

485

417

300

91393

68285

883«

51299

38283

647

451

554

339

253

• , .hriH m from companies' ContSMOttl iw i we l ai i x which m net included ® the tottf UK fifltn**- •

1 ScmreiL* Sheiry at Kotor Manuttctunrs amf Traders

High pay
deals ‘may
prevent
tax cuts’

By David Marsh

HR LEON BRITT AN, Chief
Secretary to the Treasury,
yesterday wanted workers to
go easy on pay claims for the
next few months — or risk a
harsh spring Budget

In the first major speech
this year from a Treasury
minister, Hr Brittan showed
that the Government is link-
ing toe level of pay awards to
taxation.

His statement, at Kendal
Tow Hall, Westmorland,
underlines toe change in
Treasury rhetoric compared
with the Government’s early
days when ministers declared
that pay would be set purely
by toe monetary policy.

High wage settlements
would make toe chance of tax
cuts “ even more remote,”
Mr Brittan said.

His speech comes at a time
when toe 4 per cent public
sector pay target looks in-
creasingly under threat and
when Ford workers look like-
ly to settle well above the
level toe Government would
like.

Mr Brittan appeared to be
moving closer to the idea of
an informal govenment-unlon
understanding on the link be-
tween pay awards and fiscal
policy, . proposed by Social
Democrat economists.

He stressed that toe cost of
high settlements was ulti-
mately met not by govern-
ments but by people— in or
out of work.

“At the same time toe
actual and likely levels.of pay
settlements are bound to be
an important element in toe
Government’s assessment of
its room for manoeuvre at tbe ,
time of the Budget,” he said.

“ If pay settlements, in
either toe public o the pri-
vate sector, were again to be
at levels which cannot be
afforded, toe prospects for
gowth and employment would
be worsened.”

In toe public sector, high
pay awards meant more pub-
lic spending. This would lead
to higher interest rates, taxes
or charges, or lower invest-
ment, which would all de>-
press job prospects.

The same was true in the
private sector. High settle-
ments raised interest rates or
increased public spending on
social security benefits.

Meanwhile, during the
weekend. Treasury ministers
and senior officials are gath-
ering to thrash out options
for toe Budget.

Job equality
plan studied
by Hackney

By Usa Wood

PLANS TO GIVE ethnic
minorities greater representa-
tion among council employees
are being considered by
' Hackney in East London.

The Labour - controlled
council’s equal opportunities
pane lhas put forward pro-
posals including a target
figure of 10 per cent ethnic
mfioority repneseittntiou in
Senior managerial posts by
the end of 1985.

A monitoring exerdse con-
structed last June revealed
that toe council had only 2.4
per cent ethnic minority em-
ployees in senior posts in a
borough where about 30 per
cent of residents are of
minority ethnic origin. Black
council workers tend to be
concentrated in manna! occu-
pations and home help ser-
vices.

. Mr Brian Blaeker, person-
nel director of the cotmeil,
said the proposals had been
examined at a meeting of the .
adm in is tration committee
which bad adjourned the mat-
ter for consultation among
a wider range of members.

Mr Blacker said; “We are
seeking to ensure that there
Is. a broad mix of people
across the whole workforce.
Including ethnic minorities,
women and the disabled. We
want toe council's seven dir-
ectorates to look at ethnic
representation and produce
a report by toe end of
March,”

Qualifications, be said,
would not be lowered to
attract more black or Aslan
employees.

London travel fares
6 will double because
of law lords’ ruling’

BY LYNTON McLAIN. TRANSPORT CORRESPONDENT

LONDON Transport fares will
exactly double on March 21,
bus and Tube traffic will drop
by a quarter by 1984 and entire
bus routes, bus garages. Tube
stations and late-night bus ser-
. vices must go if official
recommendations are accepted
by the Greater London Council
at its crucial meeting on the
future of London Transport on
Tuesday.

London Transport said these
changes, now inevitable as a
result of a recent House of
Lords legal ruling, “will cause
real social distress.”

The measures are recom-
mended to help -LT wipe out
a combined deficit of £512m for
1981. and 1982. Urgent talks
with the Government are also
recommended with a' view to
getting- the law on transport
subsidies changed.

Mr Ken Livingstone, GLC
leader, said last night: “We
are horrified at the full
.implications. I wonder if the
Government really appreciates
the serious and lasting. damage
facing London and its
travellers.”

Free travel for old people
would have to be eliminated
under the GLC’s interpretation
of the Lords* decision.' M For
old people this is one of the
cruellest results of this harsh
judgment,”

The recommendations have
been -made by three top GLC
officials in response to the re-
vised 1982 outline budget from
London Transport.

The revised budget was sub-
mitted in toe light of the
ruling by tbe law lords last
month chat toe GLC cheap
fares policy for LT — and the
supplementary rate to pay for
it— are illegal

The recommendations were
made by Mr Maurice Stonefrost,
GLC comptroller of finance.
Miss Audrey Lees, controller of
transportation and development,
and Mr James Fitzpatrick,
solicitor to toe council, to the
council's (transport and finance
committees.

Nevertheless, toe officials are
dearly not content simply to
accept the interpretation of toe
law lords. Their report, issued
yesterday, said: “This law has
tbe most far-reaching implica-
tions for transport in London.”

The council is urged by the
officials “to join with others as
quickly as possible” in urging
changes to the law. Any new
law would return London Trans-
port “to toe position intended
by Parliament in toe Transport
(London) Act 1969.

The effect of the proposals
on bus and tube services would
be “ horrific ” Mr David Wetzel,
chairman of the GLC transport
committee said yesterday.

Mr David Howell, Transport
Secretary said after meeting
Mr Livingstone that he “de-
plored ” the sharp rise ia fares
but this was a “ regrettable part
of toe cost of putting things
right.” There would be no Gov-
ernment aid to avoid the fares
increase.

Slight rise in housing starts

BY MICHAEL, CASSELL, BUILDING CORRESPONDENT

A START was made on 13,800
new homes in Great Britain dur-
ing November 1981, a marginal
improvement on the previous
month but 2,400 higher than in
tbe same month a year earlier.

Provisional figures from the
Department of the Environment
indicate that, during the three
months to the end of November,
the number of homes on which
work began in the private and
public sectors combined showed
a S per cent increase in toe pre-
vious quarter. At the same
time, the output achieved was
18 per cent up on the same
period in 19,80.

Yet although the number of

starts indicates some continuous
improvement in building
activity— aft accounted for by
output in the private sector —
the Department says that the
number of completions has con-
tinued to fall, reflecting earlier
low levels of building starts.

Total housing completions in
November reached 16,500
against 17,400 in October and
19,800 in toe same month of
1980. For the three-month
period ending in November,
total completions fell by 3 per
cent from the previous quarter
and by 16 per cent when com-
pared with the same period a
year before.

Invergordon
cheap power
rights put
at £79.3m

By Roy Hodion

A' RESIDUAL value of £79.3m
has been agreed between the
Government and British Alu-
minium for the comany’s rights
to cheap power supplies up to
the year 2000, at the Inver-
gordon smelter, which is about
to be closed.

Figures disclosed by British
Aluminium yesterday make
clear that this valuation was
the crucial element in its settle-
ment with the GovernmedL

British Aluminium claims
that the closure was necessary
to save thousands of other jobs
in the group. The company said
lost night that the financial
settlement did not compensate
for tbe heavy losses which it
had suffered at Invergordon,
which is in the Highlands. Hie
smelter employs 900 and the
first redundancy notices are be-
ing issued today.

British Aluminium will re-
ceive only £l5.5m of the settle-
ment. The North of Scotland
Hydro-Electric oBard gets £47m
to cover disputed power
charges over the past few years,
and further £4.5m for routine
electricity charges.

British Aluminium is also re-
paying £lIL3m of government
loans towards its share of build-
ing the Hunterston B nuclear
power station in Strathclyde

The Government has waived
repayment of a further £2L2m
on Hunterston loans,
owned by British Aluminium

Out of its £15.5m. British
Aluminium will bear the costs
of closing the smelter, redun-
dancy money and other pay-
ments to employees. The com-
pany will also have to write
down its investment in the
smelter and in Hunterston B.

British Aluminium has pro-
vided more details of the com-
plicated settlement than it had
at first intended to make public
before the end of toe fiinancial
year. But the key figure — the
price paid per kilowatt for the
subsidised power throughout
th smelter’s 10-year life— is st£U
a secret.

Publication would be embar-
rassing to tbe Government and
the other companies producing
aluminium with the support of
preferential power contracts at
Lynemouth, Northumberland
and Anglesey. North Wales.

F.T.-ACTUAREES SHARE INDICES

QUARTERLY VALUATION

The market capitalisations of the groups and sub-sections of the
FT-Actnaries indices as at December 31, 1981, are expressed below in
millions of pounds and as a percentage of the AU-Share Index. Similar
figures are also provided for the two preceding quarters.

EQUITY GROUPS
& SUB-SECTIONS

(Figures in parentheses denote number of
Stocks)

i

Market

: capitalisation
as at

• Dae. 31, 1981
l£nO

i

Market

% i capitalisatior
of all as at

share 'Sept. 30, 198]
index i (£m.>

»

e

. of all
share
Index

Market
capitalisation
as at

June 30, 1981
i£m.i

%

of all
snare
index

i

CAPITAL GOODS GROUP (210)

21,004.4

22.89

18.129.1

22.36

20,459.3

22.12

z

Building Materials —

(25)

2,744.6

2.99

2,433.5

3.00

2,732.1

2.96

3

Contracting, .Construction.

(28)

1,492-3

1.63

1,323.1

1.63

1,464.9

1.16

4

Electricals

(30)

! 8,590.2

9.36

7,155.9

j 8.80

7,905.8

8.55

S

Engineering Contractors .

(9)

396.2

0.6S

517.6

, 0.64

605.9

0.65

6

Mechanical Engineering .

(67)

3,480.9

; 3.79

3,189.8

! 3J86

3,705.8

4.01

8

Metals and Meta) Forming (12)

1,050.6

1.14 '

940.5

• 1.16

1.002.1

1.08

O

Motors -

* (21)

639.1

0.70

398.5

' 0.74

681.7

0.74

10

Other Industrial Materials (18)

| 2,409.9

2.63

2,052.8

2X»

2,521.0

2.51

21

CONSUMER GROUP .....

(198)

23,996.1

28.33

25,508.0

(28.99

26,969.9

29.18

22

Brewers and Distillers

. (20)

3,927X1

4.20 j

3,661.7

4,658.7

5.04

25

Food Manufacturing

(21)

4,311,7

4.70 ;

3,789.7

! 4,67

4,238.5

4.50

26

Food Retailing

. (15)

2,160X3

ZJS (

1.B82.7

! 2.52

2,074.6

2.24

27

Health & HTaold Products (7)

2,721.2

2.87

2,373.4

2.93

2.647.1

2.87

29

Leisure — «.

(24)

< 8,433.4

2.63

2,210.6

2.73

2,349.7

2.54

52

Newspapers, Publishing ..

(12)

274.7

030

245.1

0.30

290.4

0.31

33

Packaging and Paper

(13)

936X3

1.02

839X1

1J03

1,029.7

1.11

34

Stores

(46)

6,240.9

6.80

5,742.5

7.08

6,617.4

7.16

36 iTestiles

(23)

951.3

1.02

815.1

JX>1

925.8

1XM

56

Tobaccos — ...

(3)

1,908.3

2.08

1,800.5

£22

1.947.5

2,11

30

Other Consumer

(14)

151,1

0.16 ,

147.7

0.18

190.5

0X21

41

OTHER GROUPS

' (79)

7,348.3

8.01

5,945.8

7.33

6,731.0

7X2B

42

Chemicals

(16) ■

2,938.7

3.20

2,557.2

3.15

2,731.2

2.95

44

Office Equipment

. < 4 >

! 554X1

0.58

497 X)

0.61

633.9

0.69

45

Shipping and Transport ..

(13)

852.5

0.93

' 736.8

0.91

892.5

0.96

46

Miscellaneous

(46)

, 3,023.1

3.30 ,

2,154.8

2.55

2,473.4

2,68

49

INDUSTRIAL GROUP

(487)

] 54,348X1

69X13 (

47,682.9

.68.68

64,140X2

58.58

51 )Oiis

03)

1 11,838.4

12,90 :

9,652.8

11.90

10,988X2

11-89

59

500 SHARE INDEX

I 66,187.2

72.15 .

57,235.7

70.58

65,128.4

70.47

61

FINANCIAL GROUP

(119)

; 16.450X1

17.93 ;

14,0764

. 18X7

17X346.Q

18.44

ul

(6)

! 4,177.1

435 i

5,664.0

l 4.52 1

4,016.1

4.35

SI

(9)

156.4

0.17 :

145 J)

; o.i8 !

176.5

64

Hire Purchase

(3)

. 62 J)

0.07 ;

51.8

■ 0.06 ;

67.9

66

Insurance (Life)

(9)

{ 1566.1

ZJJ3 ;

1.809X3

| 2.55 !

2,006.4

£17

66

Insurance (Composite) ..

(10)

i 3,206.9

3.50

3^12X3

3.96 :

3,577.8

3X37

a

(8)

8545

0,03

796.9

0.98 ;

815.4

51

(12)

BIBjO

0X19 .

717.3

0.89

945.4

6» 'Property

«!M1

4,245X1

4.63

3,684.3

4.54

4,489.3

70 iMiscellaneous

(12)

1,083.2

1.16

816,1

1.01

951,2

1.03

7i i Investment Trusls

(110)

5,307.3

5.78

4,930.8

6,08

5,897.9

bi jMining Finance

(4)

2,2733

2.48

2,170.1

2.68

2,344X1

01

Overseas Traders

07)

■' 1,541.8

1.68

1,774X1

2.19

2XJ97.9

2X27

go ALLSHARE INDEX .....

(750) ’

91,7593

100.0

81,087.0 •

100J3 ■

92,425.1

100.0

Financial Timt-s duu i-*— / ~

.iii

UK NEWS -LABOUR

BSC faces complete
ban on overtime

BY BRIAN GROOM, LABOUR STAFF

THE IRON and Steel Trades
Confederation (ISTC) yesterday
named February 7 as the start-
ing date for its complete ban
on overtime at British Steel
Corporation.

The ban follows the break-
down of talks before Christmas
on the corporation's plan to pay
this year’s wage rises — due at
the start of January — only on
locally-negotiated lump sum
bonus schemes, linked to a new
round of 15.000 job losses by
March 31. 1983.

Mr Bill Sirs. ISTC general
secretary, said the starting date
allowed time for the corporation
to rectify anticipated manpower
shortfalls caused by the ban, if
necessary by taking on workers.

He sadd it also allowed time
to get the policy across to ISTC
members, some of whom stand
to lose considerable overtime
earnings.

Mr Peter BroXham, the cor-
poration's director of industrial

relations, sa id to t nSt^ht that lie
hoped the ISTC wwrid recon-
sider Its decision. The effect of
industrial action would .depend
on the. extent of submit by
'workers.

“Even partial support could
only damage the fragile
recovery” in orders and “will
jeopardise the job security of
all employees,” he said.

Mr Sirs said the aim was not
to disrupt production bat to I
secure employment

Some ISTC members, how-
ever, expect the overtime ban
to have a rapid and serious
effect oh continuous processes.
The corporation admits that if
support for tbe ban were total,
some plants would be likely to
close without guarantee of their
reopening.

Mr Sirs said that if a major
plant were faced with perma-
nent closure, he would invoke
the triple alliance of steel, coal
and rail unions.

Ford union leaders agree
to accept 7.4% offer

BY JOHN LLOYD, LABOUR CORRESPONDENT

UNION leaders representing
Ford's 54,000 manual workers
yesterday agreed to accept the
company's 7.4 per cent pay
offer.

The offer includes a reduction
in the working week fay one
hour to 39 hours from June,
equal pension rights for manual
and white collar workers from
August, and agreement to a
package of productivity
pleasures.

It is hoped that agreement
will end the unofficial strikes
which have halted the bulk of
production ’ at the company’s
Halewood plant on Merseyside,
and at the Swansea rear axle
plant

Mr Ron Todd, tbe union’s
chief negotiator, said yesterday
that the Halewood and Swansea,
convenors had agreed that tbe
majority would prevail, and
that they would recommend
acceptance. Swansea workers
meet today while the 10,000
Halewood workers meet tomor-
row.

However, Mr Steven Broad-

head, the Halewood body plant
convenor, said tbe shop stewards
would meet today to decide on
their recommendations.

Production at Halewood body
and assembly lines was halted
yesterday for a fourth day,
though the transmission shop,
where workers were split on the
offer, worked normally. Tbe
company said the stoppage had
lost 3,500 cars, valued at about
£l6m.

The unions will meet the
company next Tuesday to
clarify tbe agreement, and to
sign the document which will
allow the agreement on effici-
ency to be incorporated into
the “ blue book ” of procedures
and agreements Issued to all
Ford workers.

The wage increase will give
the “B" and “C” grades of
manual workers, who account
for 40,000 erf the hourly-paid
labour force, rises of £7.50 and
£8.04 respectively, bringing
their weekly earnings (on
alternating day and night
shifts) to £128.44 and £134.33.

Nurses plan march to
underline pay grievances

BY OUR LABOUR EDITOR
NURSES are to draw attention
to their pay grievances by stag-
ing a 350-mile relay march from
Land’s End to London, starting
tomorrow.

The demonstration, organised
by the Royal College of Nurs-
ing, will end on January 24
with a rally in Trafalgar
Square. The nurses will walk
five-male relays, handing on a
Florence Nightingale lamp at
each stage.

The march is evidence of
growing dissatisfaction in the
profession. Union leaders warn
that there could be a many
protest demontrations before
the nurses' April 1 date for
renewal of their pay agree-
ment

They have already seen the
Prime Minister in an attempt
to secure introductios this year
of a special pay system, to
restore earnings at a time the
Government has set a 4 per
cent cash limit on the Health
Service payroll increase.

Ur Gerard Vaughan, in so
article in Nursing Mirror, re-
fuses to give any firm time-table
for reviewing nurses’ pay.
" Nobody can say what will
come out of the talks but every-
body is agreed they must go
ahead quickly, ” he writes.

Nurses had been told they
must await the findings of the
Megaw inquiry into ’ Civil
Service pay-determination. Its
report is not due until the sum-
mer. " It really did seem
sensible to find out If this com-
mittee would have -anything
which mi gfat be useful to
nurses,” Dr Vaughan writes.

• A claim for pay rises of
£1126 a week to match, current
price inflation, and for a one-
or two-hour cut in the working
week, is to be submitted by
tbe National and Local Govern-
ment Officers Association on
behalf of its -120,000 Health
Service members of whom
100,000 are in administrative
and clerical posts.

Pit strike support expected

BY CHRISTIAN TYLER, LABOUR
MINERS’ union officials in the
Durham coalfield are hoping to
secure at -least a 60 per cent
majority for a strike fo force
an improved wage offer from
the National Coal Board.

How the 17,000 Durham
members of the National Union
of Mineworkers vote could be
an important pointer to the out-
come of the national pithead
ballot called by the NUM for
the end of next week.

Formerly Right-wing led, the
Durham area is becoming more

Sealink officers
claim 100%

strike backing

By Our Labour Staff

MERCHANT NAVY officers’
leaders yesterday claimed their
strike over planned Sealink
redundancies had halted aM the
company's ferry services. In a
strong attack on management,
they called for an independent
inquiry into Seafinfc’s future
plans.

The union, the Merchant
Navy and Airline Officers’
Association claimed 100 per
cent success for its strike over
the company's plan to make 100
officers redundant at Newhaven
and Harwich.

A National Union of Seamen
meeting called to discus join-
ing the action, was postponed
until Monday because of the
weather. The NUS is already
taking part in a sit-in on the
threatened Newhaven. ferry

Sendee*

Mr John Newman, MNAOA
assistant general secretary,
sharply criticised the company’s
management and sard Chat
until it was prepared to be
open about its plans “there is
no prospect of a settlement.”

He caHed for an examination
of SeaKnJc’s plans, port by port,
to be conducted by an inquiry
with an independent chairman

Docks ultimatum
at Southampton

EDITOR

militant partly as a result of
recent and threatened pit
closures.

Branch officials from ' 19
Durham pits voted unanimously
yesterday to reject the board's
8.6 per cent basic rate offer.

Meanwhile in Scotland, Mr
Michael McGahey, area presi-
dent, sadd he was confident the
mines would reject the offer
next week. He was speaking
after a meeting of local leaders
of the coal, steel and rail unions
who will act together if the
miners go on strike.

SOUTHAMPTON’S 1,400

dockers have given the British
Transport Docks Board an
ultimatum in an attempt to get
the crisis-hit port back to work.
They will consider their pay
and conditions agreement sub-
ject to, renegotiation, unless
normal shifts are restarted by
January 16.

The dockers have been on
basic pay of about £105 a week
since October 28. when the
employers suspended all but the
day shift at container terminals
because of a dispute with 150
cargo checkers..

Tbe docks board reached an
18-month deal with the dockers
last July after a three-month
dispute. A demand for this to
be renegotiated would com-
pound the port’s problems after
10 months of almost continuous
disputes.

Tory trade unionists go to No. 10

BY OUR LABOUR EDITOR

MRS THATCHER was urged by
Conservative ■ trade unionists
last night to’ take action on un-
employment and worker parti-
cipation.

Leaders of the Conservative
Trade Unionists, an organisa-
tion claiming a large and grow-
ing members trip, said they were
alarmed by the jobless figures
and suggested a number of
remedies.

Their more controversial
proposal, however, was that
there should he a legal require-
ment on companies to supply
information and set up indus-
trial democracy machinery if

they failed to take action volun-
tarily. Companies should also
be encouraged to extend share
ownership among employees
and these holdings should enjoy
tax .relief: ’

The CTU suggested three
ways in which the Government
could help workers find new

jobs. The Departments of
Employment and the Environ-

Employment and the Environ-
ment should co-operate- more
closely on mobility of labour,
and the Government's so-called
“new training initiative” should
provide retraining for -older
workers as well as courses for
school-leavers.

The apprenticeship system
should be made standard
throughout Europe so that
workers could more easily seek
employment abroad.

The .CTU delegation to 10
Downing Street comprised Mr
Geoff Campbell chairman, Mr
Alan Paul vice-chairman, Mr
Tim Renton, MP, national presi-
dent, and Mrs Margaret Daly,
CTU officer from Conservative
Central Office.

Mr Campbell said afterwards: ,
“The Prime Minister indicated :
that the Government would
give careful consideration to our
proposals."

the week in the markets

British Rail
calls for
meeting on
strike threat

Shocks absorbed

110r

‘ ■ Lilli

-rumours raised

By Philip Bassett, ^ aboUr ^
BRITISH RAIL summoned tbe
leaders of its three unions yes-
terday to a special meeting of
the Railway Staffs’ National
Council on Monday In another
attempt to avert next weeks
national strike by the drivers
union Aslef.

. Aslef officials were last might
deciding whether to attend the
meeting. Their decision may not
he known until Monday morn-
ing, but if they- decide not to
the meeting cannot take place
even though the other two
unions — the National Union, of
Railwaymea and the white-collar
TSSA— are expected to agree to
take part

The train drivers intend to
stage their strike next Wednes-
day and Thursday but the effect
will begin to be felt from late
Tuesday.

Senior BR officials were last
night still insisting that the
train drivers would not be paid
the second 3 per cent stage of
last year’s two-part 11 per cent
pay deal unless they agreed to
flexible rostering of their work-
ing day. Equally, Aslef seems
unlikely to shift its ground.

The NUR represents about
500 BR drivers who, like their
Aslef colleagues, have also not
reedved the second 3 per cent
The union intends “forcibly”
to obtain the increase, though
it would not confirm that its
drivers intend to join the Aslef
strike.

Members of the British Rail-
-ways board, including Mr Cliff
Rose, member for industrial re-
lations, yesterday met Mr
Murray, TUC general secretary,
to inform him of the invitation
to all three unions. The TUC
wants to see if it can help in the
dispute but it not intervening
formally.

Rumour rather Shan fact lay
behind some lively trading in
equities in the second half of
the week. Come Tuesday’s close
the FT Industrial Ordinary
Index was hade where it was at
the start of the three week
Christmas account. But specu-
lation about more dawn raids
and some selective buying in
the stores, pharmaceuticals and
chemicals sectors later helped
the Index to a 12.6 point rise of
the account to finish at 531.4.
Despite the shock in the- dis-
count house sector, an inner
sanctum of the London financial
system, the gilt-edged market
managed to keep its bead and
staged a faint rally. The latest
money supply figures were Inter-
preted as reasonably encourag-
ing. showing a i per cent rise
in Sterling M3.

business by two thirds. Many
prudent men in the discount
market decided long before
Thursday’s events that punting
in gilt-edged should be done
strictly on an overnight basis, if
at ail But the houses are under
pressure to ihaVe ' a go from
time to. time because they find
-it difficult to make enough
money from their money mar-
ket operations to ™n'nt«iTi the
real value of their equity.

Operating costs are rising all
the time, and if the houses can-
not hold their own in real terms
they cannot be an effective pro-
vider of liquidity to a b anking
system with a more or less
inflation-linked balance sheet
Smith'S share- price fell by 97p
to 35p on Thursday, and the
Discount House sector dropped
by 12.8 per cent

ground

guru

DISCOUNT HOUSES

70 r Relative to

ET.-A. All-Sfiare Index

J F H A

J J A S 0
1981

0 J
*82

Discount debacle

RTZ lifts terms

The workings of the discount
market — the channel through
which the Bank of England con-
ducts its money market opera-
tions — are mysterious enough at
the best of times. But it is
becoming dear even to casual
observers that the system is
under strain. Over the last
couple of years Clive Discount
has had to be recapitalised after
large losses, - Gillett Brothers
has cut its dividend, and Cater
Ryder and Allen Harvey Ross
have agreed a merger which
seemed to reflect the feeling
that the business of smaller
hodses was vulnerable. And
now Smith St Aubyn has called
on shareholders to put up £2.7m
of new equity after disastrous
losses wiped out both published
and secret revenue reserves.

Smith has been a shrewd
operator in the gilt-edged mar-
ket over the tot few years, but
in 1981 it got things very wrong.
It showed £3 08m of gilt-edged
stock on its April balance sheet
— more or less the top of the
market Roughly half of tins
may have been fixed-coupon
stock hither than the variable-
rate gilt-edged. On one particu-
lar holding 1 — over £100m of
Treasury 15 per cent 1985 —
Smith lost 11 points of capital
and the total losses ran -to £15m
or more.

The size of book that a dis-
count house is allowed to run
is related to the size of its capi-
tal and reserves, so that the fall
in Smith’s net worth from £2 6m
before the crash to £7m or so
after the rights issue cuts its

Rio-T5nto Zinc has given some
concession and made some
ground in its two-pronged
attempt to buy a fifth of the
UK. cement market, a wide
spread of industrial assets and
a useful offset to its Advance
Corporation Tax liabilities.

LONDON

ONLOOKER

cement manufacturer. RTS’s
intervention effectively killed
Ward's earlier aspirations but
Ward wound up with 42 per
cent of Tunnel’s voting equity
at the end of that campaign.

Tunnel would much rather*
be bought by RTZ than Ward.
But what price would RTZ,
given control of Ward, pay for
the Tunnel minority ? It pur-
chased its initial Tunnel hold-
ing at prices up to 450p per
share and that is the least it
will pay. Again trusting the
stock market’s canny nose for
the correct price in such mat-
ters, RTZ may come up with
quite a lot more since Tunnel
“ B ” shares were quoted at
53Dp vesterday afternoon. That
suggests that Tunnel share-
holders are already placing
what their board described last
month as “a proper emphasis
on the very important question
of price.”

The group was talking to Amos
Hinton eighteen months ago
but nothing came of that. Now
some City pundits believe that
Wm. Low is in its sights. A bid
for Low could make sense on a
trading basis and Low’s shares
crept ahead over the last
couple of days capitalising the
company at £12m.

Kwik Save is getting a little
more ambitious in its plans —
amt can also, see cash flow tight-
ening' even though profits for
the year to next August could
be up from £19 .3m to over £23m.
The tax burden is unlikely to
remain as tight as in tbe past
when the group benefited from
stock relief. Also capital allow-
ances are not as helpful as for
the likes erf Sauribury and
Tesco which go in for large
capital-consuming sites. And
filially it has probably squeezed
as much as possible out- erf
creditor finance I

The first stage, the offer for
T W Ward, is proving tough.
The stock market had been indi-
cating all along that RTZ’s
initial 190p per share terms
would need some improving and
the defence underlined the
point when Ward said its profits
would rise 27 per cent to £23m
in the year to September. The
mining giant's riposte was to
lift its terms by 40p per share
to £130m. Now Ward’s share
price, is saying that the revised
offer may be good enough. Cer-
tainly, RTZ has been able to go
back into the market and hoist
its stake in Ward to 26.1 per
cent although Ward remains as
prickly as ever.

The second stage follows
from the first. RTZ will con-
trol Tunnel Holdings if it gets
Ward. ' The mining group
picked up a crucial stake of
almost 9 per cent in Tunnel
last summit: when Ward itself
was gunning for its fellow

Kwik Save rights

Kwik Save Discount has
asked its shareholders to
stump up £ 12i28tn- It’s the first
time it has launched a rights
issue since the mid-seventies
and even now the retailer has
little pressing need for cash.
The balance sheet contains no
debt at a time when its work-
ing capital requirements are at
highest seasonal point
The company says that the pro-
ceeds will be used to help
finance expansion, in particu-
lar the purchase of freehold
sites. Over the last few years
its big capital spending pro-
gramme has been financed
solely from its own cash flow. _

The issue looks opportunistic
but there are a couple of good
reasons why it should be
launched now. And after all it
is fairly lightly pitched on a
one-for ten basis.

Kwik Save wants to step up
the rate of physical expansion,
possibly by malting acquisitions.

Quest crumbles

Interim pretax losses of al-
most £L5m from Quest, which
claims to be Europe’s largest
independent GAD/CAM manu-
facturer, shook tins stock market
on Wednesday. The share price
lost a quarter of its value, on
the day, ending at 100p.

Last year a similar plunge m
the price after the interim
figures was rapidly reversed,
when the cyclical nature of the
business became known. The
company justified that belief
with full year profits of
£813,000.

But it now expects losses for
tiie year as a whole, and its
recession-proof rating has
cracked On Friday the disillu-
sion continued, with the price
failing to 80p at one point, be-
low its original 1979 stock mar-
ket placing. However the NEB,
winch put £2.9m into the com-
pany last July, and continues to
view Quest as a company with
“ very good growth prospects. "

THE YEAR STARTED badly on.
Wall Street After finishing last
year with an 89 point loss, the .
Dow Jones blue chip indicator ,
was hit' for six this week by the -
combination of pessimistic, fore-,
casts for the 1982 American
economy and some current
economc data further clouding
the outlook. . • •

At about the same time tot
year, Mr Joe Granville, the
colourful stock tipster, sent out
his famous “sell” call which
sent stocks crashing. With the
exception of a few choice stocks
and take over candidates, most
issues never recovered
Tins year it was tbe turn of
the infinitely more scholarly
and 'highly respected chief
economist 'of Salomon Brothers,
Mr Henry Kaufman. After a
hesitant attempt to rally, the
market went tumbling down
a g ft fn when Mr Kaufman issued
his traditional New Year prog-
nostications on the economic
outlook.

- The gist of his message was
that interest rates would remain -
highly volatile with an upward
trend. Huge government deficits
coupled with the large cash
needs of major companies whose
cash flows have been declining
will again put pressure on in-
terest rates. : . -
And although the. economy
will pick up in the first half
of -tins year, Mr Kaufman
warned it would sag again in
the latter half as interest rates
and inflation rise again.

But Mr Kaufman, who is con-
sidered one of Wall Street’s
more apocalyptic theologians, is

NEW YORK

PAUL BETTS

MARKET HIGHLIGHTS OF THE WEEK

Technical hitch

F.T. Ind. Old Index
F.T. Gold Mines index

Brown and Tame

Change Wares

Gillett Bros.

Hickson and Welch

Holden (A.)

Hoover “A” .

1CI ’

KCA Int.

New Sylhet

Pailiser Resources
Quest Automation
Royal Worcester
Rustenburg Platinum
Smith St. Aubyn

Sogotnana

Unigate

Waddington (J.)

Ward (T. W.)

Change
on week
+ 1-0
- 9 J
+13
+ 8
-40
+78
+58
+72
+ 14
-14
+40
+23
-52
-30
-20
-95
+35
+15
—16
+18

1981-82

High

5973

429,0

142

96

290

220

162

163

330

206

235

345

175

293

315

204

510

127

156

230

1981-82

Low

446J

262A

92

18

180

137

86

68

226

96

140

130

80

140

206

35

318

83

80

98

Hopeful hints on pay front

fall in bullion price

Good half-year figures

Persistent support

Flat Discount Houses

Better-than-expected results
Int. Paint acquires T2% stake

Bid speculation

Recovery hopes

Sale of Baron Oil and Gas

Bid approach

Press comment

Dismal interim figs.

Fading bid hopes

Chairman's profits warning
Big losses in gilt-edged market

Possible asset disposal ■

Pawn raid speculation

Omitted int. dividend

Increased bid from RTZ

Electronic Rentals believes
its profits growth has been in-
terrupted due to technical diffi-
culties beyond its control Re-
porting unchanged pretax pro-
fits of £7.4m for the six months
to September, the group said it
had been hampered by supply
problems with Philips in the
growing video recorder divi-
sion.

UK television rental sub-
scriptions dropped slightly in
the six months, but overseas
profit contributions advanced
by nearly a third which almost
offset the decline in UK activity.
Farther growth overseas is ex-
pected from Renftacolor,
acquired la -1980 for £3m. -

At tiie week's end', shares
stood at S3p, only 3p above last
year’s low, giving a prospective
fully-taxed p/e of less than 20.
The balance sheet remains as
tight as a dirnn — capital gear-
ing is 100 per cent — and repay-
ments on the £10m subordi-
nated loan start in two years.
However, income gearing has
come down from 49 per cent to
a more manageable 36 per cent

An awful lot of Ides about

LOOKING ahead to the hoped-
for improvement in metal mar-
kets at around mid-year is all
very welt but we must be
prepared for some pretty awful
quarterly results from the
mining companies in the mean-
time. So beware the Ides of
March and for that matter, of
the other months before sum-
mer comes.

The first of the Ides will come
next week with the announce-
ment by De Beers’ Central Sell-
ing Organisation of the world
rough (uncut) diamond sales
figure for tbe second half of
1981.

Although the diamond mar-
ket is now thought to be
bouncing along the bottom, the
second-half 1981 figure is un-
likely to bring any comfort and
will probably be well below
that for the poor first half of
the year.

Then, by early-February, we
should be getting the fourth
quarter 1981 results from
Canada’s Into. These will bring
a thumping loss because apart
from the depressed market for
nickel they will also tarry the
burden of the multi-million dol-
lar write-downs arising from
the company's decision to pull
out of tiie loss-making battery
business and to mothball Its
Guatemalan nickel operations.

Meanwhile, Inco has decided
further to reduce nickel produc-
tion at its Sudbury, Ontario,
complex to a rate of 195m lb
foir 1982 compared with 220m lb
for tot year.

However, the hope now is
that having chopped away much
of the dead wood Inco will be
in tetter shape during the cur-
rent quarter and, of course, the
company is well placed with

spare production capacity and
high metal stocks to make the
most of the market recovery,
when ot -comes.

The same can be said about
■the world's major platinum pro-
ducer, South Africa's Rnsten-
barg Platinum Holdings, which
ris also suffering from a poor
market for its product To

MINING

KENNETH MARSTGN

be “severely lower” than in
1980-81 when the company
rather surprisingly raised its
final dividend. A cut seems to
be on the cards for this year.

Whether Imp ala will afcso
reduce its final dividend for
tbe year' to June 30 remains to
be seen. But at least the share
price of this company allows for
such an eventuality with a yield
of as much as 18 per cent on
the previous year’s dividend
whereas Rustenburg’s current
yield is only 11 per cent

Finally, it es sad to record

that Europe’s biggest zinc mine,
the property of Tara Mines near
Navan, County Meath, fln the
Irish Republic appears to be set
for an indefinite closure.

After a six-month dispute
over the craftsmen’s demand for
a bonus scheme aiTwiijir ' to that
of the miners, the latest wage
offer has been rejected.

The dispute has already cost
some £l5m and its effects win
mean haidriiip in the towns arid
villages of the county if the
tanparae is not broken.

make matters worse Rustenburg,
along with tins rival Impala, is
still quoting a price of $475
per oz for its precious metal
whereas the price on the free
market has sagged to $397,
slightly less than that of gold.

As a general rule prices on
the free market which is sup-
plied with Russian platinum, are
above those charged by the
Western producers. Now that
the picture has changed, buyers
are turning more to the free
market and are . keeping their
purchases from Rustenburg to
the minimum contract levels.

Mr Gordon Waddell chairman
of Rustenburg, has said this
week that there is no point In
reducing the producer price be-
cause' ithis would only mean
competing for sales in a falling
market; speculative holders of
platinum axe more interested in
reinvesting the funds elsewhere
than in holding out for better
prices.

So he has warned that Rus-
tenburg’s profits for the current
year to August 31 are likely to

COPPER

High Grade

LEAD

LLHtf t]550
Cash Metal ' L

800h~^

J pur fine ouneo,

«- ZINC

4fl0r Cash Metal

GOLD

360/4 i

\ - .J?,

*82] I 1980 t$61

“^350

*82.

far. from being the most pessi-
mistic of the gurus:

The real pessimists expect
no recovery this year and only
a small upturn next year. The
optimists believe the recovery-
will begin after the spring. .

But even the optimists are
increasingly worried. The re-
covery would be based in large,
part on the effects of President
Reagan’s tax cuts. Bat now the
President is having second
thoughts on his tax programme.
It ..would also depend on the
approach the Federal Reserve
will take on monetary- policy.

The Fed appears to have loos-
ened of late. But the monetary
aggregates have, been rising
more qirickly than the Fed’s
short term targets. Many fear
this could prompt the. -Fed to
become less accommodating.

The money supply figures re-
leased last Monday were a shock
for the market The weeklv
aggregates rose far more than
even the pessimists pad ex- -
pected, causing even greaser
concern about Fed restraint

Thus many sectors of the
economy and corporate balance
sheets are likely to continue to
labour under difficult monetary
conditions. Detroit reported this
week its worst annual sales for
any year since 196L Although
the car. companies hope 1982
will be turnaround year at lasl __
a recovery .-in car 'sales is uh- '
likely to occur in. coming
months. Indeed, a Morgan
Guaranty forecast suggests car
sales this year ' will be even_
lower than last. The bank ex-
pects 8J3m cars including im-
ports to be sold in 1982 com-,
pared to 8J5m last year.

Unemployment aSsoTcontinues
to rise at record rates. The
Labour Department said yester-
day the December unemploy-
ment rate rose to 8.9 per cent.
This is the second highest level -
since World' War n — exceeded
only by the 9 per cent unemploy-
ment rate in May, 1975.

The current uncertainties are
prompting investment advisers
to suggest clients stay out of
stocks for the time being at
least. The popular “value: Hne" '
investment survey recommends
in its latest issue that bonds are
a “more desirable alternative -
for current purchases than
stocks.” The survey goes on. to
say “our reasoning is that bust- .
ness activity is slowing down, ..
inflation is subsiding, and high
grade bonds . are even more
undervalued at this juncture
than common stocks.”

Not that' this gloom has taken
all the fan out of tbe market
Tbofi was the week that finally
saw U.SL .- Steel acquire 1
Marathon after a. two month-,
long battle with rival bidder
Mobil But the market is now
waiting .for Mobil's next move, -
which could include a possible
raid on U.S. Steel stock or on
some other <rfl company.

The market \jras also buzzing
yesterday with speculation tiiat ■ '
two of th.e longest' and biggest
UjS. anti-trust- trials were about
to be settled. The trials involve '
the Justice Department's long- ,
drawn out attempts to split two
of the country’s .biggest, jetanr
panics,- IBM and. American -
Telephone and Tele g ra p h ,- .

Settlements would be - good
news, for both, stocks* For IBM, ,
which ,fca s teen a great' aotf- :
performer in recent years, the ;
settlement would come ai a time .
when Wall Street is again twit- .
ing the stock. For AT and T v -
one of the few stocks which. ■
actually gabled tot' year,. .It -.
would finally remove all the ud-.. -
certainty which - has surrounded
the telephone, company’s future- .

MONDAY: 882S2 +752

TUESDAY - Bfisio -17.#

WEDNESDAY - 86UJ2 . ~43B

THURSDAY \ V 861,78 + <LW

tyos

At*

V'V:!.y

K

1 r

^\\ ' ;

-

.‘-.V

-v

r„f/, •:

7 -'. 'j

JaBuary 9 1982

YOUR SAVINGS AND INVESTMENTS

f"-:.

•r •■ . " 'n

, ." .

=V7

•< s;3S'>7

• ‘l ■•* h-.'

! -if iV‘ --*S-

w York

s-TTt

“ •--r

now, pay later. Rosemary Burr looks at travel credit schemes

on borrowed time

" it*

„■

T* rv ’’ '•...■■•

.' "'1 V '

FIX now; , pay later appears,
to be the-- new mott^.fqr-tfce
British travel Indu^fJC-:; in a
bid to*, attract custoi&eiTS 'traVftf
cohspanies have, insertqd credit
agreements in their..-, brochures
where fonneriy, sean^aid ladies
and musctilaronenl held pride
of place.. . ‘ •"

This year .globetrotters- -ere
being offered, some holidays at
lower cost tfiaD in 1981, guaran-
tees of nd extra ^surchargfts and
schemes to potreff the day when
the bill for the- sand,- sea' and
-sun falls. due.-:/ j
A few companies, have offered

holidays on credit In the past
but these tended to be rather
down-market Vacations iii the
UK. Now nearly, every brochure
includes details "of one' sort of
scheme or another'.- The cost to
the customer varies . tremen-
dously from an Annua? Percen-
tage Rate . (APR)- of about 27
per- cent;- 1 -which-- is beneath
credit ■ card rates, to a hefty
50.7 per cent Some loans are
tied .specifically • to .holidays
whereas others can he - used
freely as the customer simply
gets a cheque.

There are two. mam types of
credit' schemes. First there ire
simply'... instalment " loans
whereby 7 the -customer gets a
loan for the price of the holi-
day azid repays over' a ’period
of up to two years in equal
instalments.

Second, comes the save-snd- .
borrow schemes where custom-
ers can save at attractive rates
of interest and later borrow a
certain multiple of their savings
to pay for the holiday.

Travel Finance- has been oil-
ing the wheels for. -cash-starved
travellers since. 1964. The offer
of its services is to be found
in brochures from Intasun, ■
Butlins, Balkan Holidays.- Cos- .
raos,: Yugotours, Budget Holi-
days, Freshfields, Pegasus, !Sea-
link and Ten trek. ' -

.The. rates vary according to
the plan chosen and size of loan.
.Two of . the plam> require
monthly payments before the

between £70 and £160 repay-
able over six or nine months
where the APR ranges .from
37.8 per cent to 43.2 per cent

holiday within their current
budget.

Blue Sky, the British Cale-
donian Travel Group, has

Third time lucky in Tokyo

departure date. Some customers
may be asked to pay a refund-
able special charge straight
away which may range from
-5 per cent on £160 to 2 per cent
on sums above £500.

Travel Finance rates are com-
petitive for holidays between
£70 and £500 in cases when two
instalments are paid before de-
parture and the balance in 10
monthly payments. The APR
here, is between 29.1 per cent
and 33.1 per cent. Otherwise,
the rates are comparatively high
especially for holidays costing

Provident Personal Credit,
an arm of Provident Financial,
offers ioans for holidaymakers
with Butlins, Lad broke and
Freshfields. ” The repayments
are made weekly. A £500 loan
repayable over 42 weeks car-
ries a rate of 47.5 per cent, a
£250 loan for 96 weeks will be
at an APR of 49.9 per cent and
£500 for 95 weeks has an out-
rageous rate of 50.7 per cent.
Provident ways it has higher
collection, costs as payments
are made weekly, but travellers
would be best to shop around
for cheaper credit or take a

Jinked' up with Chartered Trust,
a wholly-owned subsidiary of
Standard Chartered Bank.
Together, they have come up
with Holidayraasterplan, “ the
relaxed way to take a holiday.”

In terms of the cost of credit
this plan is streaks ahead of the
competition. The true rate of
interest is 26.8 per cent, nearly
4 per cent below the rate on
Access or Barclaycard.

The loan must be used to pay
for the cost of a holiday plus
insurance. The borrowing
limits are from £100 to £1,000.
All loans must be repaid within

Tim Dickson reports on the Penlee lifeboat disaster fund

Sweet charity for Mousehole

THE HAPPY., ending to: the
row over cash contributed to
the Penlee “ Lifeboat Disaster
Fund highlights •important
differences between charitable
and private trusts.-

A trust is a legal entity ^bich^:
Is brought into existence whed
a person (the settlor) transfers
assets to trustees. lot tfeeTbenefftT
of ,.a ’third- ,party (tj^ bene-
fie£ary>. Trusts are commonly
created by people who ire. still
alive, or they can be set up
under a will where part of the
deceased’s estate is put aside for
the benefit of heirs. - .

The. tax rules even for’ ao.
apparently- simple .trust can.be.
a trap for the unwary . as the
organisers of the near £2m fund
launched by Penwith District..
Council unwittingly discovered.

Most -donors who. sent off -
money as a spontaneous
reaction fo . the Mousehole
tragedy no doubt thought that
their contributions would be-
passed on without fuss to tber

relatives of the dead men. •-
- The position was complicated,
though, because the fund turned
out .to be more than just a
simple post box for redirecting
rthe public's generosity. Trustees
riiif ere appo&ted atan early stage
and, it' was not made clear until
this week , on what terms -the
money was to be distributed.

A separate fund,, organised by
local ’fishermen, emphasised at
the outset that it was no more
than! a collecting bowl for eight
named beneficiaries and seems
to have avoided running into
.any tax and legal difficulties.

The apparently obvious solu-
tion for the local authority fund
was to register as a charity, a
status, which confers significant
privileges: There- is; for in-
stance, no question of gifts to
suah a trust attracting capital
transfer tax- whfile the trust
itself is exempt from tax on
income, capital gains or distri-
butions to beneficiaries. •

- The bag drawback, however —

and the major -cause of the row
— is fih^t the trustees of a
charity have to administer the
money in accordance with a
complex body of. charity law.
In effect the money could have
been used “to relieve poverty,”
but probably not suddenly to
- enrich eight families to the tune
of £$m each.

Most people, notably the
trustees, wished all the cash
(however much) to end up in
the bands of the families and
for this reason the organisers
have declared the fund a pri-
vate trust. The size of any
private trust “ hand out ” is not
restricted by law and though
such a vehicle is liable to cer-
tain types of tax, it is now
widely agreed that any liability
in the case of' Penlee will he
minimal, if not non-existent

Bearing in mind- the various
CTT exemptions for individuals
and the cumulative total life-
time threshold of £50.000, it is
highly likely that any CTT

would in any case be paid by
donors! Such a possibility
seems to • have been removed
completely by a Treasury an-
nouncement on Wednesday that
contributors to the Penlee fund
would be “indemnified against
a liability for CTT.” -

.Although there were mis-
tak en r eports to the contrary,
no CTT will be payable by the
trust in passing on money to
the recipients. This might have
been the case if the trust had
been a discretionary’ settlement
but even then an obscure clause
in the 1975 Finance Act would
have come to the rescue. If the
money has been invested by the
trustees, tax will' be payable on
the income.

Whatever the families re-
ceive as income, incidentally,
whether from the fund or from
their own investments, will
attract income tax. The posi-
tion would be identical in the
case of a charitable and private
trust.

Tax position on redundancy

FINANCE AND
THE FAMILY

BY OUR LEGAL STAFF

During the current financial
year, it is necessary to draw a
redundancy payment of £23,000
(Including payment in lien of
notice) and also commute a . .
lump sum of £0,000 from an -
approved pension scheme.

What is the tax situation under
these circumstances?

The tax position, on the bare
facts outlined, is that .the
£23,000 is taxable to the extent
that it exceeds the : statutory
redundancy payment, probably.

However, you may we2i escape
tax bv extxastatatory conces-
sion. You should send an SAE
to the Inland Revenue Public
Enquiry Room, Somerset House,
Strand, London, WC2R 1LB, and
ask for a copy of SPJ/81 (Non-
statutory redundancy - pay-
ments),.

Transfer exempt
from CTT

My wife and L aged 69 *5 a 3?’
are joint owners of our £40,000
house, and we have share-
holdings in our joint names
worth, about £45,000.

Would it be possible for us
to transfer ownership of the.
house to our son by a series
of animal shares each equal
to our joint annual entJtte-
ment to exemption from Capital-
Transfer Tax ? If so, would
this involve frequerg, possibly
awimqt, revaluations of the
house ? And bow should we
deal, in oar wills, with our
shareholdings so as to minimise
the D ability to Capital Transfer
Tax?

While this has not yet been
tested in court, we believe that
it is possible to transfer an
equitable interest equal to a
proportion of the value of the
house, in each.. of . a number of
years in such a way as to. fall

■within, the annua? exemptions.
This • would require a reason-
tfrty accurate estimate of the
value , of the house each year;
and it must- fee emphasised that
the ‘validity; of the. scheme is
untested. If that is done yon
can then ..bequeath your shares
So as to take up the £50,000
exemption. Of course at present
your total capital is under
£100,000 and $0 the exemptions
would prevent any charge to tax
if your wills are not in favour
of the surviving spouse.

Properties and
companies

I am the beneficial holder of
the shares in a private
investment company which
owns a number of properties.

X have three children. I wish
to leave eaeb of them one of
the properties owned by the
. company on my death.

CouM-you please advise me
how l ean, arrange this without

my executors having to
liquidate the company which
owns, other properties which
my wife would retain in the
company? Could the company
enter into some contract now
but effective only on my death
or could I create a special
class of share (redeemable -
preference or debenture) by
which I could achieve my ends?

No legal responsibility can be
Accepted by the Financial Times
for the answers given in these
columns. All inquiries will be
answered by post as soon as
possible.

I do not wish to transfer (he
properties to them until my
death.

It would be difficult to achieve
what you have 'in mind through
the medium of one company. IF,
however, you formed subsidiary
companies to hold the proper-
ties in question you could easily
dispose of the shares in the sub-
sidiaries by your will.

New bell as an alteration

For many years the five bells
in our church tower were not
rung because the frame was
unsafe. An appeal raised
enough to re-cast the existing
bells, purchase a sixth, and
replace the old frame with
steel supports for the old bells,
plus the new one. We are being
charged VAT on the lot,
despite the fact that qnite a
large amount of the money
spent has been on the sixth
belL Do you think Customs and
Excise are right to charge
VAT on the whole thing?

Exchange rates and tax

How is my capital gains tax
liability computed if
I— I boy USX then bqy a U.S.
stock. Sell the latter at a profit
and. keep the proceeds in $.

Is there a statute or- Kobod
Revenue practice determining
the exchange rates used for
conversion, given that even on
a particular day, exchange rates
quoted might vary Si gnifi ca n tly

and the rates pnbUshed in
different journals would differ?
v — S imilar ly, how would dollar
dividend? retained as dollars
be treated for Income tax?

3 — Suppose I buy 1

Dentschemarks with £s, then

switch Into $ directly from DM.
Is It correct that there would
be no capital gains liability till
I reverse the transaction into
DM or£s?

1 The cost/proceeds of stock'
bought/sold should be valued
at the rate of exchange for

the date of the purchase/sale
contract (not settlement day).
If U.S.$ are credited to a
bank account (as distinct
from an-account with a stock-
broker, etc.), the credits and
debits should, be valued at
their respective dates, for the
purpose of calculating the
gains and losses on ihe bank
balance (so long as the
account is not overdrawn),
under section. 135 of the
Capital Gains Tax Act 1979.
Foreign currency gains and
losses are subject to different
rules from gains and losses on
foreign currency bank
balances; the deposit of
U.S.31,000 with a bank would
constitute a chargeable dis-
posal of S1,000 U.S. currency,
in consideration of a debt of
U.S.S1.000 due to you from
the bank. Currency is deemed
to be located where it is

Would yon advise an appeal?
Tbe only way the cost of the
sixth bell could be zero rated
for VAT would be if it could
be considered to amount to the
alteration of a building. As the
bell is additional and not a
replacement such an argument
does have some merit. However
if the Customs and Excise
refuse to zero, rate the trans-
actions we would not like to
say what your chances would
be of .winning if the matter
went to appeal. *

actually located, but all bank
balances (in credit) are
deemed to be located in the
UK, under section 1§(4> lc)
of the CGT Act, generally
speaking. The closing prices
given in the FT will suffice
for most practical purposes.

2. Dividends should be valued
at the London buying rate for
the days on which they were
payable, generally speaking,
under section 122(l)(a) of
the Income and Corporation
Taxes Act 1970.

3. No; every link in the chain
will produce a chargeable
gain or allowable loss: DM—
DM bank balance— DM — U.S.
$— U.S* bank balance— U.S.S
—sterling, presumably. _ In
practice, it is usually possible
to agree a rough-and-ready
basis of computation with
one’s tax inspector, to keep
things fairly simple.

a year. The rate for savers is
one per cent beneath Finance
House base rate for example
141 per cent, which matches
the best on offer elsewhere and
is higher than the r3le on clear-
ing bank save and borrow
schemes.

Anyone buying a holiday
from Thomas Cook can use the
credit scheme run by Forward
Trust, a subsidiary of Midland
Bank. The trouble is you
might not know this is avail-
able. I went into one of
Cook’s City of London shops
and after some tooing aod
froing 3 battered copy of the
agreement was given to me. The
assistant said it >was out of
date, not to be used and pul a
line through the application
form. . . .

The scheme works on the
same principle as the Holiday-
masterplan. Customers are paid
14 per cent on monthly savings
in excess of £10. The funds can
go towards holidays, travellers
cheques and foreign currency.

The current APR is 31.3 per
Cent. Anyone holding a cheque
guarantee card. Access, Barclay-
card. American Express or
Diners Club card can get up to
£1,005 credit instantly. The
maximum loan is £2.400.

Mercantile Credit, an arm of
Barclays Bank, has teamed up
with Hogg Robinson, the travel
agent and British Airways. The
cost of borrowing is fairly
reasonable. The true rate of
interest on loans is 30.6 per
cent .the same rate as Access
and Barclavcard.

The Holidaymakers Budget
Loan Plan applies to all holi-
days bought from Hogg Robin-
son Travel. Loans from £200
to £2,000 are available. The
savings rate is currently 14A
per cent. Customers get a
cheque directly so the money
can be spent on travel, clothes
or equipment.

The scheme run in conjunc-
tion with British Airways is
similar. Called Payway, the plan
allows customers to borrow up
to £5,000. Instead of getting the
loan in the form of a cheque,
vouchers are given. These
vouchers can be used to pay for
British Airways travel fad* ‘ties.
Sovereign, Enterprise' Speed-
bird, Stopover Holidays. Free
Wheeler Fly Drive, Associated
Hotels, Avis Car Rental and
British Airways air tickets. The
rates, are the same as the
Holidaymaker plan.

, If you need credit for a holi-
r day, the first stop should be
your bank manager as an over-
draft is the cheapest form of
credit Failing this the Blue
Sky/Chartered Trust scheme
comes up trumps.

The next move should be to
see whether you can pay with
your credit card. It may be
possible to raise your spending
limit to cover your holiday, but
remember a credit card can be
very useful abroad so try to
leave yourself some leeway.

Finally, if you are tempted by
any of the other schemes don’t
assume the rate in the brochure
is necessarily the rate you will
be charged now. Some
brochures were printed months
ago and the rates have since
cbanged.

UNIT TRUSTS investing . in
Japan scooped up almost all
the awards at the prize-giving
for best performance in 1981.
For the second successive
year, gains on the Tokyo stock
market left them well ahead of
almost all the competition.

Last year admittedly had its
unsettling moments. The
Nikkei Dow Average, which
pushed above 8.000 in mid-
August collapsed to almost
7,000 In the wage of the world-
wide bourse shake-out six
weeks later. But the index
subsequently recouped most of
those losses to close the year
at 7,682.

For sterling investors, the
■underlying gains were magni-
fied by the appreciation of the
yen, particularly towards the
end of tbe year. In the course
of 1981, the yen strengthened
from 482 to 419 to the pound.

The main impetus behind the
market's advance was again the
weight of foreign investment
The buying spree tailed off
slightly in the second half of
the year, when many of the
favoured blue chip technology
stocks suffered steep falls, but
□on-residents were still net
purchasers of about Y740bn
worth of equity over tbe full
year.

Japanese securities com-
panies are confident that the
two year rally from the second
oil crisis of 1979 will be sus-
tained for a further 12
months. Pessimism bas rarely
been their strong suit, so
forecasts should- be treated
with some caution.

a market range between < ,650
and 8.S00 is fairly representa-
tive. “ Should the world fa 11
into a more serious recession
than expected, and money get
extremely easy worldwide, tbe
Tokyo market would challenge
9,000 points,’* Daiwa says. .

The Nomura Research Insti-
tute envisages a similar picture,
with a substantial increase in
corporate profits being dis-

UNIT TRUSTS

JOHN MAKINSON

counted early in the year and
tbe market then remaining
fairly flat until the last quarter
when Nomura expects the
Nikkei Dow to trade in the
8:800-9,000 range.

The optimism is grounded
'on tbe strong fundamentals of
the Japanese economy. The
optimism is grounded on the
•strong fundamentals of the
Japanese economy. The gov-
ernment is forecasting a real
growth rate of. 5.2 per cent, in
the fiscal year to March 19S3.
compared with a likely out-
come of about 4 per cent in the
current year.

The official figure is well
above the forecasts of private
institutions ( Homura is looking
for 3.9 per cent and Daiwa for
only 3.5 per cent) but there
is little doubt that growth will
be very high by OECD
standards.

Daiwa Securities’ estimate of On the basis of current

account and inflation differen-
tials. the yen can be expected ' 1
to appreciate against both the :
dollar and sterling this year, j
As Morgan Guaranty expresses \
it,. t *'an exchange rate of.;
195-205 per dollar would be j
much more appropriate than ,
the reeenl 215-220 range.” me f
Japanese authorities may be 1.
happy to see a steady appre-
ciation of the yen as a way of
scaling down its embarrassing -
current account surplus. ■

If the yen does move above
tbe 200* per dollar level,
securities companies expect i
U.S. pension, funds to _ start »
investing more seriously in the r .
Tokyo market.

Until now, they have been
testing the water. Since OPEC
investors, the biggest buyers of
the past two years, are now -
constrained by the weakness of
the oil price’ and many Euro-
pean institutions probably i:
regard themselves as fully t
invested, the U.S. represents •
the main hope for continued (■
foreign buying. \

Tbe fundamentals for
Japanese equities look sound, <.
but the market is already on a
demandimg rating and the
technical position is worrying.
Margin debt remains at a very .
high level and Japanese com-
panies, which helped provoke
the September sell-off by flood- «
ing the market with new equity, j
may he tempted to do .the
same again.

Moreover, as. the autumn •
showed, Tokyo is by no means ■'
immune from the influence of
foreign economies burdened
with high interest rates and
low growth.

No smoking . . .the best policy

Eric Short examines another good
reason for giving up cigarettes

NORWICH UNION, one of the
UK’s major life companies, has
joined the growing number of
companies offering premium dis-
counts to policyholders who are
non-smokers. It is prepared to
cut premiums by 10 per cent
on its latest protection contract
— the Triple Option Plan — if the
polieyholder has not smoked for
the preceding 12 months.

This socially desirable move
by those life companies which
offer the discount' is paying off
in marketing terms. Guardian
Royal Exchange saw its sales of
term contracts improve 25 per
cent since last September when
it introduced the discount while
Scottish Mutual. the UK
pioneers in this field also saw
its term business rise substanti-
ally Iasi year following its im-
proved terms for non-smokers.

The marketing effects of the
discount on protection contracts
are considerable. Even a 10 per
cent cut can turn an average
premium rate into a market
leader. All the policyholder has
to do is to sign 3 statement to
the effect that he does not
smoke and has not done so for
the previous 12 months.

Manufacturers Life Insurance
Company ( UK ) has taken a
much more adventurous line in
its new non-smokers discount.
Premiums on term assurance
can be as much as 30 per cent
lower for non-smoking and is
available to all but cigarette or
small cigar smokers.

But Manufacturers Life has
not stopped there. Investors
taking out with-profits con-
tracts will qualify for preferen-
tial bonus rates if they are
non-smokers to reflect their
higher life expectancy and the
company has emphasised that
the difference in bonus scales
will be significant. •

While discounts for non-
smokers are likely to grow sim-
ply from the marketing impli-
cations. one cannot yet expect
to see life companies giving
discounts for other groups with
higher than average life expec-
tancy. .

if you really want to make money
on the stockmarket, start here . . .
and NOW!

The 1C News Letter is the United Kingdom's leading investment newsletter. It
has a record of share selection which is seldom bettered. Take last year for
example. Stockbrokers, Seymour, Pierce & Co., published a table which showed
that the IC News Letter's Star Nap Selections for 1 980 (its tips for major capital
growth throughout the year) had substantially out-performed any of its rivals.

Turbulent years such as 1981 test the nerve of every investor. Yet some of
our 1981 Nap Selections arest/tl showing gains. Our record over the past tew
years speaks For itself. '

An outstanding record over the years
■The IC News Letter has made consistently outstanding recommendations for
'many years. And they have not been confined solely to Nap Selections. For
instance, look at the following shares showing percentage increases at post-
selection highs.

1976 Famell Electric 758%

1977 Automated Security 2340%

1977 White Industries 3,526%

1978 Basic Resource Int 336%

1 980 North West Mining 195%

The average percentage appreciation in the recommendation price of all shares
selected by the IC News Letter in 1977 at their highs (51 in all) was 244%.

The 1978 Selections averaged 1 19% at their highs.

In 1981 the News Letter has pinpointed some outstanding opportunities. For
example:

Volvo currently U P 72% *

Mitel Corporation currently UP 65% *

Brunswick Corporation currently UP 46% *

Jackson Exploration cuuently UP 36% *

A complete investment strategy
The key to investment strategy is to urtdersland the underlying trends
controlling the market to have the proper balance in your portfolio and to be
aware of the right ‘buy 1 and 'self signals. As well as providing recommendations,
the fC News Letter offers advice in all these areas, fn other words we do the
groundwork. All you have to do is apply it

The time to start is now!

The potential for gains is enormous, even in the current volatile market Why
wait for the index to start rising before planning your strategy? By that Ume you
may have missed the earliest and most lucrative opportunities.

Make a newstart with our Star Nap Selections for 1982!

On January 6 the IC News Letter will reveal its Star Naps for capital growth in
1982. They could make you a lot of money. The !C News Letter is available
eveiy Wednesday by postal subscription only. Use the coupon below to order
your subscription now, starling with ihe 6 January Nap Selection issue. Should
you wish to cancel your subscription at any time the outstanding portion of your
payment will be refunded.

the financial times business publishing limited

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WE, THE
LIMBLESS,
LOOK TO YOU
FOR HELP

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wars. We come Irom Korea.

Kenya. Malaya. Aden, Cypius
...and trom Ulster. ,

Now. disabled, we must look
lo you for help. Please help
by helping our Association;

BLE5MA looks after the
limbless from all the Services.

It helps to overcome the
shock ot losing arms, or legs
Or an eye And. for the
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where they can hve in peace
and dignity.

Help Ihe disabled by helping
BLESMA. We promise you that not
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Simply saving your money^ -whether in a bank, building society
or through a life assurance policy— is not enough. Because *

however hard you save, the taxman always takes his sha-e.

But by saving with The Lancashire & Yorkshire Assurance
Society the taxman actually increases your savings.

NO TAX. We are a registered tax exempt Friendly Society.

So the Govern mental lows us to escape paying any lax. Your
savings grow and gain the maximum return. You benefit -not
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TAX BONUS. The taxman even adds to yoursavings.

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This plan is highly successful, but by law we can only
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A-

pjffsr.rial Times Saturday January' 9 1982

PROPERTY

SPORT

Howto
buy
a pub

BY JUNE FIELD

: IF YOU ARE 38 years old and
j your' only capital is your boose

■ (worth £30,000 after redeeming
1 the mortgage), plus £10,000 in
j investments and savings, can
j you buy a pub?

Presuming that you can sell
j your home and top up your cash

• in hand with a 10-year loan of
■ . some £30.000. then yes, you can

: buy a Free House for around
. ■' £65,000 or so. plus stock at valu-

■ ation. claims the latest book on
. : the subject. Thinking of Buj/inp

• a Pub?

Written by Malcolm McDonald
: and Bill Price, and published by
, licensed trade agents Christie
i and Co and the National Union,
i of Licensed Victuallers, it pre-
; gents a case history of a John

• Jones and his wife who want to

Games and the greed factor

what might be called from playing In toorMment

THE RECENT freeze-up has schemes being channelled There is whatmi^T H because the “appearance Vjj.yi*

haon a carinnc Mmu tn mnct thmiiph the Test Slid COIlSty the greeu } . Mnnar urns Hot enouch.

been a serious blow to most through the Test and County the gre j nrovides ' addi
league soccer clubs, causing Cricket Board mainly for the Sponsorship p — f J; _

money" was not enough..

'Hie controlling sporting

league soccer ciuos. causing t-ncsei ™«uu uuuow iui D t aTCrs ^ The cunixwHi. ci^iua-

both fixture congestion and benefit of the . 11 SHiS ^or n Sctb ^dttare is' bodies sre pnnjanlVuiieiKted

oo nxiure congestion anu oeuau « , there is ooaies -are yi*«*«*w

additional cash flow problems at counties. Soccer not only took ec^ or lno^ecuy^iu u c money pot the sponsor

a time when many are longer to feel the need for ifcodMej for son»tore^a ^ thev are liab i e to be tempted

struggling for survival. This is sponsorship but also developed this purely as i2S3J2i wit£ to accept the highest bid with*

id sharp contrast to county it on different lines. . re^ue f ° r r aTout out reference to other, criteria

cricket club treasurers, who Whereas in cricket it is wit much, or any thought ao alld 0 f ten fail to give their full

throughout the 1960s wore a largely based on substantial the wwremmits^ -ffle .^orr n to the • promoter,
perpetual scowl as they fought financial central agreements which prevides TDem wun ^eu ^ olher contentious point is the
to keep out of the red. They with the TCCB. which has a£o amount of money i«id by

can now afford to smile. maintained firm control over the The middlemen have oecome teJevisionj j n the case of soccer.

Although the financial renais- limits of- local sponsorship, foot- an essential BnK in tne ^jon- - those ^ubs who already receive
sance experienced bv first class ball started with individual club sorsbip Circle. Without ineir ex revenue fdr shirt

cricket in England can to some sponsorship. The main reason penenced semce oora ine advertisin g are understandably
extent be attributed to -the for this was first that there are sponsor and the^ort woma Mnoyed that these cannot be

understandably
>ese cannot be

extent oe annDuiea io ■ iur tms iusl uu . . . ■ ■ _ nf * . anuuytv

introduction of the limited overs' two bodies governing football in often lack the _resmttcfis anu wom for televised matches. If

Kn«xifliiH thft pa and the the exoertise to develop a spon- thtm wftre _ the c lub would

SPONSORSHIP

BY TREVOR BAILEY

game, the real saviour has been

England, the FA and the the expertise to develop a spou- ^ ^e, the club would

Football League.. so rship succesrful^i'he wst rec eive Far more. ' ^

Secondly there are 92 league middlemen — who come m van Television and radio find sport
clubs as distinct from 17 first ous forms and sizes, , agents, cheap and rewarding, form of
class counties which means that sport brokers. PR organisations j ain jjy sutertainroent. Sport is
even an enormous central spon- and promotion s P ec * a i 1 f ls ^7 unlikely to cost television more
sorship. like the £lm being possess a detailed knowledge of than £25.000 per hour .as against
asked 1 for -the League Cup, is both the sport and marketing. around £110,000 per hour for a
quickly swallowed up. As a which .enables them -to- -make pj a y D r documentary. Biuad-

_ IjUlLAIJi snauuwtu u^. a _ - . JJIOJ Ul MU*-,-— «r

sport sponsorship. The game’s result although football spon- useful proposals, for ln^rovM : casters know that sport needs
administrators appreciated the sorship is at present in' excess presentation to the general t0 be te ] ev i se d to obtain some

r , „C cn r_ __ ik. rim « WPlI 3S tO tile media. n f CTMn«nndl!Q ann thprp.

The Cardinal Wolsey, Hampton Court, where experience Is probably essential for a good mix of -trade.
Offers around £100,000 for a tied lease. Details James -Naim, Brodie Marshall and Co., 66 Bolsover
Street, London, W1 (01-388 2272 j, who will also send, for £6, a copy of M How to Buy Your Own

Hotel »’

necessity for additional revenue of £2.5m.as against the £lm public as well as to the media, j-yp^ D f sponsorship apd there-
long before football, which com- cricket receives from its major However," with so _ muen fore television is in a position

manded much bigger gates. central
Soccer administrators were football
■ slow to appreciate the necessity unsound,
of attracting sponsorship. . In an Sponsoi

central sponsorships League ■ money around: there is a- temp- use this as a weapon to reduce
football is economically tation for them to take too - to the sport concerned,

unsound. large a share. From the sports This applies especially to minor

Sponsorship has benefited viewpoint there is a danger of sports.

— , _ _ HI, aiUBLUlig nil vyvuuvi«ui(/ ■■ r— _ . ■ JJ Ifl i, ul j» n • r . . -

I live in and run a pub. probably property agents Robert Barry are also on the increase. “This Buying Your Own Hotel? Pub? ideal world this might be the sport enormously. But with dictation by the miaaiemen Sponsors can easily become
‘with the aid of a full-time Company, observes: “In begins to show us that the Restaurant?” conferences. The case, but the truth is that no large sums and six different who control top performers, top eager *f or extra publicity and

kitchen helper, part-time bar re t U rn the brewers usually recession has definitely ended, next one Is at Preston on professional sport (and many parties involved, problems are For example, the manager of harry the media who owe' them

nnrl -> ,'lonnur TVlP cfratPITV r_ - . T_ i nc 1. «.*■ .u. «n . . . T 1 . ... * • “ Hlimranfi indocvl tHn -mpflia

i Staff and a cleaner. The strategy stjpiiiate some form of trade tie. because over 95 per cent of the January 29, with one in London still parading as amateur, like inevitable. Each ’ of the six snooker star “Hurricane" nothing: indeed the
I of mark-ups tprofit margins) rj^ e amount 0 f the loan avail- pubs, hotels .and restaurants on March 26. Training adviser athletics) simply could not func- parties has its own temptation. Higgins recently prevented him. . stand to lose money as

loperating essentials (licences. gb j e ]S usua uy related to normally sold are to established Sheila Marsh told me that the tion in its present form without — .. sponsorship is an esi

• stock control and so on) are all b arre iage. and is likely to be hoteliers, restaurateurs, elc.lt aim is to get one over the first large sums provided by com- «. _• r „ n To _ Wnrl( a r ,, D m-n’K substitute for buying aave

carefully detailed, as well as considerably less than the sums Is only when the market appears hurdle of making up your mind mercial firms. It is significant So £ c ? T: Football League Cup, ja^iJ-14. vvoria l. p, space in the newspapers.

: what to do if your bank turns available from the banks, but to be improving that inexperi- to run a hotel, guesthouse, tea that the number of spectators at 5th round, Jan. 13. aownrui .ana siaiom i ra- -^e box or radio. Aeau

stipulate some form of trade tie.
The amount of the loan avail-

Soccen Football League Cup,
5th round, Jan. 13.

Jam 13-14. World Cup, pg ^ the newspapers, or on

downhill and slalom -the box or radio. -A. cautionary

buhel, Austria). 16-1/-- .yrempig .was provided, by the

nothing: indeed the media
stand to lose money as sports
sponsorship is an expensive
substitute for buying .advertising

down ah application for a loan. may on 0CCas i 0 n be unsecured, enced buyers take the plunge. shop, public house, restaurant a major boxing match is not as Cricket: India v England, 5th t /Qarmnri' example "was provided by ths

There are also pertinent re- -RrowpriP^ ran thus Hp a useful “The attraction of pub and or wine bar.. “At these enn- important as the number of Test (Madras), Jan. 13-18. wona loapporo,. sn00 k er match where rh&adver

There are also pertinent rp- B reW eries can thus be a useful
: minders that running a pub is __ d in pv 0ens ive source of sun-

Japan), Jan. 17.

banners

; °“ e Jhe most mentally and pi emen tary finance if the busi-
1 physically demanding of all ness jj as a g 00d volume of liquor
, occupations, which goes on for sa j eSi aD{ ] prospective borrowers
, seven days a week for 52 weeks shouId approach the brewery of

almost - out-
balls on the

of the year.

And successful pubs are run
by families — “irttbouf a full

others in the trade. Often, these it all themselves.

Cup, which initially cost only Hockey: World Cup, men (Bom-

their choice direct the shortcomings they'e^er- ^T^seV the “pattern” for'the SMlsigr World Cup. men's Rallying: Monte Carlo Rally (to sport. And they sometime

The Reliance Consumer Credit iejicg^ when they were the Whiteheads southern counties future. slalom (Bad Wiessee, Ger- Monaco), Jan. -16-23. demand their . share, although

caw thaw Vinva fapilihis . u f . „ ?V in LcDCaQS, SuuLXJcrTl COIUlUeS . _ . ... t in \ir c.iilnn WnrU T iahtM.. zi ...i j riiial,

new hoteliers will look back at According to the commercial I £6,500. It Was an instant success J, 2- .

champs.
Jan. 17.

(Crystal Palace),

Finally, the sponsorship com-
pany’s employees see. the
amount of money being spent an

'• commitment from both partners.

; mediocrity and - unhappiness
‘ eventually set in. .. . A special
i kind nf tolerance and compafa-
• bility is called for." (My italics.)

There are three types of pubs:
i Free Houses (of which there are

(RCC). say they have facilities V ow to nut them ’ vmie “ eaQS ' SDU “ ern cou ?. u f s

;» Ir « d r 0 n f io r Ir

s lx b T^ or X"\ proru om suppIy

licensed propert’'' specialists. This early move by cncket
demand for free houses below into commercisd sponsorship
£150,000 now outstrips supply has resulted in the major

many). Jan. 12. .World Cup. Sailing: World champs, Lighten- (hey would never think of daim.

V»;it m -iTit ol**cp fDiinrtri 'PhiTo) a . *• *' * I’rAtn .TUlrmol '

women's downhill and giant
slalom (Grin die wald, Switz.),

ing class
Jan. 10-16.

(Pucon, Chile), ing a “cut” from normal
advertising expenditure.

additional security, which on s i ona j approach to buying a
freehold businesses can _ be business in these difficult times

borrowed up to a 10-year period.

business in these difficirit times Pf«ner Mr John Watltins
is stressed. “You must ensure attributes this to the number

. around 24.000, growing as the probably shorter for a leasehold you real | y know the cur- £L n _ p t !J p

| brewers sell off unwanted depending on the unexpired ^nt levels of trade, and not
houses), where the licensee term of the lease. Interest rates j USt accep t the. audited accounts d

owns the pub. purchasing stock are between 4f-5i abo.ve finanre wh ich will be is months out of which with a^ fairly s^s tan tial

house base rates for a freehold* date. Even in this industry. e 9 ul *y on tneir freenoid home.

i from whomever they choose, house base rates for a freehold, date. Even in this industry, ^ty or i tneir ireedoid home.

Some 29 o*»r cent of breweiv- 6-7J per cent for a lease. many who overcharged, over- P™ s additional funds from

1 owned outlets are managed. In spite of set-backs in the spent or who lacked dedication, \ US????

Yes, there 9 s a secret
to skiing

' owned outlets are managed. sp'te oi sei-Dacxs in tne spent or wno lacxed aemcaimr

•which means that the company general property field, Mr James have found their trade driftin

• takes not only the wholesale but Nairn, chairman of Brodie away from them. '

• the retail profit, while the Marshall and Company, Brodie Marshal! are also asst

Brodie Marshall are also asso-

capital. ‘The way of life of a
publican is usually seen -as an
attractive one. so there is
always a steady demand for free

BY ARTHUR SANDLES

THAT FIRST ride of the season will seek out tnm after turn,

on the ski lift is always a lingering almost at the moment : v >7. .. :v i
mixture of pleasure and when those skis are pointing i'v v/--.

. %

! contract to buy their supplies, trading, and a good turnover in 7,000

Loans from brewers can some- certain Free Houses, wme bars . ® r °die Marshall, in coniun-
times be negotiated at favour- and restaurants, particularly ion with the Hote^ [ and Cat er-
1 able interest rates. But as where there is good quality ing.^Industry^ Training Board.
Major R. L. Otter-Barry, con- living accomm
sultant to hotel and licensed what he calls

than anticipated and so the trepidation. Will I remember straight down the.fall line. Now 1 -v 1
cycle of exchange continues. A how to turn? Can I ski ice? see the poorer skiers For them ; ' -.j. yX >; m 1

lot of publicans nowadays are 1 If it is so cold and grey what it is a constant baittle to avoid

also looking to become master am I doing here anyway?

living accommodation. Sales to is also involved in the Small a^o looxing to become master

what* he ^n s “ novice-buvers ” Business Services’ "Thinking of of ^ eir Qwn destiny, and are
wnat ne cans uuviie-uu^ ..coming out of brewery tenan

Then pointing downhill. Turns are
.with jerky manoeuvres from pne

luck, the trepidation goes and traverse position to another.

1 only the pleasure remains.

Barrntt atLaleham

WEST HILL ROAD
S.W.18

, *',“*'* Often skiers will shy So

(For what is currentlv. avail- , )^ ltb luc L For most of us violently away from that
able in licensed freehold houses skiing remains a perpetual hunt nj amen t of truth .that they turn
in East Sussex and Hampshire fof that little secret which wul right round and fall facing up
from £50.000 tn £350.000, con- unlock the door to good skiing, ^e mountain,
tact Mr Watkins. Whiteheads. Everyone seems to have their . 4 .

• o-.v.^iV 5 ■ ■.»j|

from £50.000 to £350.000, con-
tact Mr Watkins, Whiteheads.

At Laleham Abbey, Nr Staines, on the
banks of the River Thames, BarraU have
available some very special apartmeols
a L prices from I55DU0 to £225,U00.
Sbowbooses You can see for yourself
Just how special they are any day oF the
week-weekends included -ham to
tipm or you can phone Staines 50707.
House Exchange Scheme Our House
exchange scheme can quickly and .
easily solve all the problems of selling -

your existing home-askus total
you haw

1(M Mortgage Kale Contract to buy
before March 28th and Barra tt roll
freeze your mortgage at 10% for a full
12 months (applies (0 first 125^)00).

3-STOREY Y1CTORIAN
SEMI-DETACHED
• MODERN5ED HOUSE

Residential Area - Easy access
Schools ana T ransport
Five bedrooms, one with
dressing-room; 2J bathrooms;

30ft reception room with
two fireplaces: fitted kitchen:
cellar for laundry, wine
and coal. CH. Gas. ' FuHy
carpeted. Interesting 80ft
garden with .goldfish ponds.
Offroad parking in front.
FREEHOLD £86,080
Tel: 01-874 5054 or 01-937 5108

52. Church Street, Hove, East hints, from “bend ze kneez”

Sussex.) onwards. “Steer with your downhill ii

The book Thinking of Buying ^ ^ Get your

a Pub? £4.50, plus video tape of . t0 the b ? lls of 7° ur vour head

a dozen or so hotels and pubs. feet " Point your knees where

£6.50. from Mr David Rugg, 7° u want to go and “ never lea . ra

swimming.

Christie and Co. 32. Baker , the mountain.” ting ^ head m but it d 6 oes

Street, London, Wl. who will An ye P well, nf course, but are m ^

also send free a licensed tradp I at| 7 them The Key?

process

Facing downhill: J* it the key ?

listings booklet on properties N°- The real key is a lesson —

in England. Scotland and Wales no one ever seems to give

plus RCC finance and insurance me ant l y et *t I s * ^ beliere,

current

immeasurably more difficult
"“it is. of course, a rare
person indeed who completely
overcomes worry about pointing .

SNOW REPORTS

leaflets: Free current Hotel something which every novi- overcomes worry about pointing . . .

Market report and England and tiaae should have engraved mountain sides. Face me Resorts

Scotland property details from u P° n the,ir skis before ever w . lUl a steepish icy slope, par-

Mr A. H. F. Guilleband. Robert setting foot on snow. ncu J ,a ? ; y , a narT °w one, and I

Barry and Co, Cotteswold The secret of skiing is this. r °ck back on my heels. Whait- ^

House, Gloucester Street, There is a point in every turn ever the .brain says, the body Banfonecchia

Snow depth
in an

Min Max

Resorts

5now depth *
in an
Min Max

Barry

House,

Abetone

Cirencester: Book Hojt to Buy l when you are facing directly tiiras to jelly.

Banalt

Yowr Ojm Hofei, £6 from Mr J. down Ihe mountain. Under- So, even using the secret key, iCanazeT

INTlipn Brodie M 3 F5?)9 II I tliat rnmA .tn tprmc wifli vnnr cWnnrr un)l Mitwt !

GUERNSEY

Ilaxn>n Soatlwn Pi u|i«iiwU<i,Bnmn. House,
668 HHdita Ko-d.Umm. Beds-Td. Ufloo HIM.

Probably the beet buy lor 1882.
A line modem (1968) open market
residence area, sea views, yet
sheltered, wailed-m garden and

open-plan front garden, 4 doubLn
bedrooms. 2 bathrooms, spacious

* Lounge

* Dining Room

* Foully Idled kitchen

* Waste Disposal

* Smoke Detector

* Vented Cooker Hood

equipped ortth' G.E. * Double compartment

cooker and range

* Refrigerator
+ Dtshwaiher

* Washing Machine
W Clothes Dryer

sink

* Fully fitted bathroom
★Two bedrooms
with cedar lined
wardrobes

★ 10-year H.O.W.
f warranty

F* Full Management
► facilities
, • Letting Service

★ Mmien Travel Club

★ inspection flights

weekly

Pius uepx] lautiaagtnla

★ Fitted carpets
■ throughout

★ Full Ah-'
Conditioning

★ Central Heating
★23* Integral garage

★ Marble window
sills throughout

★ Door Chimes

bedrooms. 2 bathroom^, spacious
landing, drawing room, dining, sun
lounge 34 ft long with balcony
over. ** Lest ward “ new Poggenpol
kitchen/break Fast room truly mag-
nificent. Entrance lobby, spacious
hall with cloakroom oH. Extensive
garages 4 cars plus tarmac area
for guest cars, plus many extras
whic h are Included In price of
£229,000. a staled price lor Fitted
carpets, curtains, etc. View any-
time. Please ring Guernsey 49076.
Don't forget Guernsey is a low tax
area. Max. 20%. No VAT No
death dunes. A temperate climate
and excellent communication to UK
and Europe.

Nairn, Brodie Marshall and stand that, come to terms with your skiing will not turn into -. -t

Co, 66. Bolsover Street London, it and you are on the road to World Cup class overnight. But Cerfinia

Wl, plus property details: Con- ski success. you wil find it easier to keep Claviere

ference details and free leaflels If you doubt the accuracy of your eyes on where you are

Sheila Marsh, HCITB. P.O. Box this rule watch other skiers, gning, which is usually down- — -

18, Ramsay House. Cenrral The god ones will show no fear lull, and move you a notch or 'Courmayeur

Square, Wembley, Middlesex, of facing downhill, in fact they two up the ski class list. LMbiw

Lhrigno

100 . M ad—hwe . -

230 Madon na di Campigfio
130 Macug naga
70 Ortisei

400 S. Martino Castrpzza
t Sau te d’Oulx
1 3 0 Sdv a ' Val gardens

J26S Sartriere , •

130 Vipiteno - •

mh

Putting your garden into the computer

IT HAD TO HAPPEN. Some- questions with accuracy and
time, somewhere, somebody had speed. All the inquirer has to

to apply the unfaltering ■ do is to obtain a Hurst Garden
memory of the computer to the Gro-Plan form from any shop

MJeedia Iks dat*-&edju&

Zdd& Ike greenfinget# touch )

teasing task of garden planning, or garden centre selling Garden
The real surprise is that first Pride seeds, fill It in and post

in the field should be Hurst it, with £2, to Hurst Gunson

Mfnleri Communities 2b George St. West Luton Beds l_Ul 2BJ
Tel. Luton (0582) 37944/ 425826/412301 Evenings (0525) 713082

' M y S DrS«i« w ro 1 Am a in w sSutif le w.St Gunson Cooper Taber, whose Cooper Taber at WiUiam in

of properties to rent In South West
London. Surrey and Berkshire. ,Tol.
. Oxshott 3B1 1 . Telex 605S1 12.

name will probably be totally Essex. The form seeks inform-
unfamiliar to most gardeners, ation about the size and shape

GRO-PLAN

GARPEN

COMPUTER

This is because the great Essex of the plot to be used for vegc-
seed firm has hitherto preferred tables, its aspect, the nature of

CANADA— U.S.A.

APARTMENTS £6,300^21,000

AGRICULTURAL LAND near major city from £150 per acre
COMMERCIAL BUILDINGS from £55 per square metre

Write to:

I.V.M. CORPORATION
(Construction and Development Division)

4467 SL Catherine W.

Weslmount, Quebec, Canada H3Z 1K6

RESIDENTIAL

PROPERTY

ADVERTISING

to keep discreetly in the back- the soil and the particular
ground, confining itself to breed- . vegetable preferences of each
. member of the family. This in-

GARDENING

ARTHUR HELLYER

formation is then fed into the A
computer, which imediately pro- ^
duces an answer complete wilh
plan of the plot showing where Any

would be wise to leave as little
as possible to imagination-
Clearly,. computerised planning
for vegetables is possible -but it
may take a little experience to
Set it quite right.

.. What axe the prospects of the
. .computer , invading, - other-
aspects of garden planning ? It
. should not be, too difficult .to
program machines to- select
^ *. . and place plants for herbaceous,
w-, mixed or -annual borders, to .
deal_ \yith bedding out, - to plan '
rose, .water: and Tock gardens
• and . other such limited features.

But could a ^computer tackle
_ the nruch more complex: prob-

FOREIGNERS an buy apart-
ments' on 'LAKE GENEVA, in
Montreux -near Lausanne, or all
year round resorts: St-Cergue
near Geneva, VHlars, Les
D table rets and Verbier.
FINANCING UP TO . 50-70 ?b
AT LOW INTEREST RATES.
Also quality apartments ■ in '
France: EVIAN on Lake Geneva,
and- MEGEVE. summer and
winter paradises, both approxi-
mately 35 minutes from Geneva
wrtii NO RESTRICTIONS.

Advise Area preferred.

Write to:

Developer c/o Globe Plan SA

Mon-Repos 24.

1005 Leusanra, Switzerland
Tel: (OZ1) 22 35 12
Telex; 25 185 melis ch

COTE D’AZUR '
MANDEUEU LA NAPOULE

7 km from CANNES
Sole of a splendid 100 sq m
DpartmenL 11 sq m terrace, 3
bedrooms, living-room with marble
floor, kitchen, bathroom end cellar.
Facing South/SouUi-Weet.
Pnca: 950.000 French trance
S'. LORY LEG RAND
To!: (93) 49 12 13 (Franea)

APPEARS EVERY

p:an □! uic Pioi snowmg Where «ny computer. however best compromise. In. particular connected with the desizn
each vegetable is lobe grown, advanced, can ooJy be as good I question X adeSS? 5 comofet e^rden ? ? IhaS ■ “*

how much room it will- require, as the program fed into it and 19 ft 0 f lettuce, rakEd m' Httle idea, sii^ I find K : •

Se«ie r d a %d Se wh a ? a v kC ^tr i11 bG PlS It* P r °duce oniy 25 heads. forth e PM.ters almost incomprehensible

needed and what varieties are Plan suggests that wme fine -requirements of -three neoDle but because quite ■ ordinary

recomended. This is seat to ’ n,e during the.lummer l5nk machines- ^ ^ '

the inquirer, plus a 50p voucher * have received is for a that more eould have been" ■ a ^ ei of playing a very cam- '

Li 55-taNr-tort.aiUffll-. KS:5LLy«4#M:>-..

ins. and wholesale production ™ricties are

and distribution of seeds to be recomended. This is sent to 2 mil T remains to be done. The

sold through independent retail ? e plu s a 50p voucher P ! , a ° I received is for a

outlets. True ii«? rh^erfui ^ or Garden Pride seeds and a P lot measuring 16 by 25 ft to

outlets. True its . cheerful onvof^np vl “■ sunnlvt^eenetmlri nttea m by aUowing theearliest' ofehessitseems

“Hurst Garden Pride" seed c p °PJ llp 0 n f . L ^ essay « n 5 sown ff occupy ground to be- that a. big.computer. could

packets are familiar enough ^ ^ ? e Your Own ^ ar ™ ts , let * used later for • speoutins m ake-3ome sort of shot at.gar-

since thev *rp cnin in a Vegetable Doctor. tuces, onions., sweet corn, broccoli. ato« ;* +- den .nlarmina . npnmH«j th* ,n«v

As far as I can spinach, cabbage_and sprouting

WEDNESDAY and

since they arc sold in a great
many shops and garden centres.

As far as I can see, about

but I doubt whether many pur- the only thing that Gro-Plan
dhasers have realised precisely d oes no * try to do is to suggest

SATURDAY

who produces them. Experience rotations of crops in subsequent
has taught them that the name years, and this is probably just

AMERICAN

EXECUTIVES

seek luxury - furnished flats or.
houses up to £350 per week
Usual fees required
Phillips & Lewis
01-8392245

For Further information—

Phone:

on the packet is a good guaran- as well
tee of quality and that is about seeoied
as -far as it has gone. Hurst possible
is quite satisfied to remain in rotation
the background and has no space in
desire to. become directly. in- for vegetables.

Sices onions JJE .later, for • sprouting ^e.some soriof shotat. gar-

Sifnf'fh a ^ e !l c ?- rn ' kroccoU. Also it -seems to me de ^ -P^’Hg prorided the -pro- ■ , ■

® pr0Ulins tl ? at 100 “aeh space has been was well done. .

pr , 07 ?^° allocated to dwarf beans which I am told that. the best. chess

Smii2 nl Hi:p 0D mrnnw r K 0f t}i ?- do not stand well and really C0B1 wters .-are programmed by v-
family like sprouting broccoli would not be- needed ence the .^rid- .famous .'-grand masters.

c“bb°«r. .is?

volVed’wfth the final customer. Improvisation

essential.

ANDREW WOOD

All The Year Round, 25. ft of ground for i

varan r , ~ w ,

churning: buf -- thousands ; of ' : *

THE FLORIDA CENTRE.

exhibition of property, and complete
AdvHory jenrka ter Investment In
Florida. Opm erery dev. 10.00 am to
4.00 om. 43 Conduit street. W1R
SFB. Tel rehone: 01-439 2G2G (24 tl r*J
01-434 3326.

bermawmt GUERNSEY Offer* lew taxation — stable

government ■ — British way of life. For
free “ Setting In Guernsey*' book plus
large choice of homes .'from £ 80,000

01-248 8080 Ext. 4196

seed direct to them but to guide, sometimes takes quite a lot of -
them hi ihe best use of their contriving.

gardens or allotments for vege-

roccoli Purple Sprouting. a ^

Clearly «, small., plot cannot malter? !“ h"h “Xne'S
ieet all KAuifAmAntt nf ~ - ,, . «*Kyune Wltir

All these arp roJ a ti™T« ' --~ a - 8reu.P Wholesalers , who
atterT thSh - lo' Tceefc swr-

large choice of homes ;
uovranu] contact Lovell

. meet all the requirements of a small • s ^r i f R . and ffardert centfeS/^tip-

Smce this Is a senous attempt family df three even for the and a demand.

'^mmed ei , r 5 ‘SShAft ^SSSSTSSSf

computer to answer all relevant deserves senous consideration, puter has come up with the primarily 1 a^nr^^ardener?^'

;already.are.r

-v . : -

&tiffday . 9 1982

'flU

^VoCCs 1

LEISURE

ViU

' ■ • . -- • - gffllliil-

SELECTING SPECIAL/ interest
tQurs"fn>nL fee. wage;: aurentiy .
awaited e foe JL98£ fe.ai mvidtous
Issinras.- Wat, ■ indeed, to
cfaoose f nun fee yreffl-estabffished .

oM favourites . end to© battery
of bright ■ Meas feat,, materi*}-
ta-esdi- seastm? ; Sor-Lcaa only
apologia eto thosewhoinay feel
left -oat and lam** krto what .
must - -be -a;-'4igb&. - ariatraiy.
CfeOtLoe.

Itmiy.eff weH begm by pro-
mottogone’ at my own bobby
horses throng fee weSl-estab-
"EAea bntiiratabtog' flancT bota-
.nftcai) - tonra ;o€- : Peregrine
HoBday&V at fee- sam? time
endotraang . . their impassioned
pleaV^aha^- fee casual earing
of . ; MedSteraanean .delicacies
which may tam 'out to be one
of ' our own nighlSngalra or
black ' caps. -“iterant warblers
in -partgcajibar,” they wrtte,"are
Kmed on twigs when exhausted,
dropped (often -al9Te> into' boat-
ing . ..waiter, -.-.then.-, Manned,
tatunmed and prickled' Klee waO-
niits.” This practace has caused
them to &op’Cyyfis froin their
programme, but they have an
excellent -range of spring and
autumn arrangements especially
in "Crete and Greece, aH of
coarse accompanied .. by an
experienced enthusiast Further
afield is tbeSr 12<fey tour to.
Jnc&a next autumn (prorision-
afly £ 1,100] t* .. ..

SrrubiTd. who have entered the
ornithological field more re-
Gently but hive collected an
impressive team of tour leaders,
have pretty well a world-wide
coverage: the North Yemen in.
Mwh.: foir example (about

CHESS

LEONARD BARDEN

LONG-STAINING tradition
British chess is that the
British champion does badly at
Hastings. There have been a
few exceptions, but generally
the four-month interval between
the BCF congress in August and
the New Year event seems to
catch players on a psychological
rebound after the euphoria and
boost to morale from winning
the national title has worn off.
Even Alexander and Penrose in
their peak years were ‘not
immune to the fatal curse.

The trouble with such a well-
authenticated jinx is that it pro-
vides a standing annual chal-
lenge to each champion to try to
-revesse it. In. 1954 I shared the
fete with Alan Phillips and
decided, partly in view of tire
curse, to decline ray invitation
to pas tings- My jointly-crowned
colleague preferred to chance
his arm and was "rewarded"
with two meagre draws and
seven defeats in nine games.

Four years later, I again tied
for the championship but lost
a play-off to Penrose. This time
be turned down fee Hastings
invite and I was offered the

was dreadful, my score precisely
the same as Phillips in 1954.

This year, for once, the
Hastings jinx has been success-
fully defied. Paul Littlewood
won the Grieveson Grant British
title in August with a bold dis-
play of front-running tactics
and aggressive chess. He.began
at Hastings where he left off at
Morecamhe and stormed to the
front with four wins in his
first four games. At that stage 1
he was even on course for the
difficult grandmaster norm of
81 out of 13, but the middle
rounds brought setbacks. It
looks as if he will have to be

content with just a good result
when the ICL Premier ends on
Tuesday — but his primary
achievement is to have broken

^Writer" Paul Littlewnod

Murray Chandler (New

Zealand). _

Queen’s Gambit (ICL Premier,

Hastings 1981-2).

1 P-Q4, P-Q4; 2 -P-QB^ P^KS
3 N-QB3, B-K2; 4 PxP. PxP; 5
B-B4. P-QB3; 6 P-K3, B-KB4; 7
P-KN4, B-K3. „

7...B-N3 looks natural but falls
into the trap; S P-KR4. BxP
(P-KR4; 9 P-N5 stops the N
conning into -play) I 9 Q-N3,

POSITION No. 405
BLACK (IPmen)

PROBLEM No. 493

WHITE domes)

Bohm v. Makarichev, IBM
Amsterdam 1975. ■ White (to
move) is pressing hard and now

Diace partly as “ substitute for played 1 R (Q3) R3. Was this

! ii mrtir nn thp (a) a move forcing the

immediate win of a piece and

i i

I

1 Ulm

M S--,

i

M

By

s

i

n?

\T-i

£

w

\ VC‘

□

champion " and partly on the
strength of fourth place in the
Premier the previous year. This
time I accepted, and the delayed
curse duly took effect- My play

Black’s resignation (b) an error
in analysis or (c) , dever
calculation to win material?

White mates in three moves
at latest, against any defence
(by F. Giegold). Warning: this
unusually hard problem is a
real test for stronger solvers.
•Tough." “took me hours" and
“very subtle" ere earlier com-
ments.

Solutions, Page 10

-W"?:

P-QNS: in RxB, QxR: IT NxPl
8 P-KF3 (the Botvinnik
system which the old champion
used to try and break down the
stubborn Petrosian defences in
their world title match], B-Q3;

9 Q-N3.

. 9...BxB: 10 PxB. R-Bl?

An artificial move which
underestimates the danger of
his backward development
Black should go for the end-
game by- 10...Q-N3 .when he
would have chances to exploit
White’s pawn weaknesses.

11 O-OO. Q-QS; 12 K-Nl!
Now Littlewood is in his
element; fee Queen’s Gambit is
transformed into a King’s
Gambit.

12...P-KR4: 13 B-N2, PxP; 14
PxP, RxR: 15. BxR, QxP; 16
R-Kl ch. K-Ql. ‘

Already a sign of distress in
the black camp, but if N-K2:
17 Q-R3, Q-B3; 18 N-B3

threatens 19 P-N5.

17 N-B3, N-Q2; 18 CbR3.
OxNP; 19 K-RL Q-B5; 20
B-N2 P-B3: 21 N-K2. Q-B2; 22
N-N3, Q-B5; 23 N-K2, Q-B2; 24
N-N3. Q-B5; 25 B-R3.

The repetitions here and a
little later gain, dock time to
calculate the final attack

precisely^ ^ -g^g, N-K2: 27

QxN. QxN tB6): 28 N-B5.
QxBP: 29 Q-Q6 ch, K-N3;
Q-N4 ch. K-B2: 31 Q-Q6
K-N3; 32 R-QN1, N-K4;

BxB, N-Q6. . ^

If RxB: 34 N-K7 attacks two
black pieces.

34 Q-QS ch. K-N4: 35 Q-B7,
N-N5; 36 N<}6 ch. K-R5: 37
P-N3 ch. Resigns. If K-R6; 38
Q-R5 male.

30

ch.

33

Bird watching m the Galapagos— <he brown Galapagos Pelican

been in the business for 11 years
is Ww 5 * Himalayan Holidays.
Their IPS2 programme features
both cultural and trekking tours
fiirough the valleys and passes
dose to the roof of the world.
One that sounds unusually
interesting next September is a
27-day trip crossing the Hima-
layas south to north in fee com-

is on self-catering and, in the
case of some foreign destina-
tions, self -driving. This is so for
Upper Austria, for example,
where , accommodation is in
farmhouses and apartments,
wife a good food hamper to tide
you over the first night. But a
special feature is the inclusion
in fee price (eg £87 for each of

paeos in July /August • (about
f?tofiVMos t of their European
tovTs are in the £5004800 range.

TRAVEL

C 5YLVW NICKELS

; Xn Britain, :/T. have heard

their jeenturieaold migration
rvtes. The cost is £925 plus air
fare.

Most-j-Of the tinrrc .require a
sense of adventure apd physical
fitness,- .,bo* not- : necessarily
"mountain eeririg experience,

. Newcomer to . the keep-fit field
is fee ofeerwise ..very old-
esfebtished firm ©£Ga3JBonwho
ajce'prdmofe®^ whole roBge of
activity -arrangemente m -Bude.
Oonrwall. Among feein is one

- enormopsly enthusiastHc reports g^J^ally designed for the buti-
trorh oariic^DP^ts in courses rnn : jvess csecirtive, a seven-day
by fee Studies Council, in jg^yptes. course- costing £250 all

•i ■ . It mhKvut nrith

tis Tpe:fle^tiai',cecijtires; siih-
^orae dehfe) most
im "•'wefs of ■ natural
a-*d h'^nry, yrohaeotocy.
arte ‘ The cormSes

. ?-e r «**tl T ’ fere* 1 nr se
the latter averampg
all-in

. Some - sneraaTj^^^dp«*uie
vartws . l,ir+eTr^1^.V.l?R?Sn*>I®*s

in, .--starting and ending with
iun ‘individual assemment and
aiming >to "develop initiative,
physical fitness and resouroeful-
bess - among executives away
their nsiial working
___ Jwnmerit.'* :

to Bantein, Countrywide
HWSdiyv have a very wide Tange
of'spe^ai . inftereate in nearly a

Hohdsys. who hare score- of centres, based on an

nurnbers of us -trudgitig feroiign ijnpresdve'90 years of experi*

some of the remotest -and
Rest p>rts of Kurooe and beyond
for over 30 yews, feafere
flowers and photography a

number of arrangements. A new
jn T092 , is to" Bulgaria, com-
hini-in two mountain areas with
jn.Ji'T’B and July
ft^c.4 rn- two weeks). , Their
cref" 1 ’^ 'T" 3 dad .waking tours
-rer'-e f~“ '*cTifs west end east
F.urooe. b >,f »Lsn extend to India,
Nepal end Peru.'

A small but very active
apedaiist company woo pave

emce: WidMn& field studies,
country dauking' and heritage
tours are- Strongly featured,
sometimes wife ' two - feenoes
(such as welkii® mfl music)
combined .in one holiday.

Small ■ groups of family or
friends, not all necessarily
wanting to do fee sarrfe thmg.
■mi^t consider fee offers of
Take Five, fee recent offspring
of S«g» Holidays, the “senior
citizens ” specialists. Take Five
catere for aH ages; toe-emphasis

season, including cross-Cha n nel
ferry) ot vouchers valid for a
whole range of sporting activi-
ties.

• Music is the theme of one of
Serenissima's programmes focus-
ing on ten of Europe's leading
festivals from Prague in late
May (£535, seven nights) to
Lucerne in late August (£550,
seven nights). Prices also cover
tickets for several festival per-
fonnancesu Page & Moy have a
programme devoted to stately
homes and castles in several
European countries, including
Royal Denmark (five nights,
£288 in May and September).
French Travel Service suggest
a charming interlude in Paris:
a fpup-day Belle Epoque tour,
with" half a dozen departures
(£225 from any British Rail
mainland station), reviving as
far as possible the grand old
days between 1885 and 1914,
complete wife tht patisserie, an
operetta; and champagne at fee
Moulin -Rouge. On another
. package they can fix you up
en famine with an opportunity
to share in Parisian family life.

Finally for the young who
would , like a rest from their
parerits there are fee very care-
fully supervised adventure holi-
days of PGL In Britain and
Europe, now in their 24th year.
Arrangements fall into various
age groups (7-9, 8-12, 12-17 and
adults from 18-30). If your

parents insist on being in fee
vicinity, PGL can probably help
them with accommodation.
Dutch barge adventure is one
of the attractive suggestions in
Europe.

• Further infmmatksis: Pere-
grine Holidays, 40/41 South
Parade, Summertown, Oxford
0X2 7JP; Sun bird Holidays,
2 Lower Sloane Street, London
SW1W 8BJ; Field Studies Coun-
cil. Preston Montford, Montford
Bridge, Shrewsbury SY4 1HW;
Ramblers Holidays, 13 Longcroft
House. Fretherne Road, Welwyn
Garden City, Herts. ALB 6PQ;
West Himalayan Holidays, 66
Hungerford Road, London N7
9LP; Galleon, Galleon House.
King Street, Maidstone, Kent
ME14 1EG; Countrywide Holi-
days, Birch Heys. Cromwell
Range. Manchester M14 6HU:
Take Five, Enbrok House, Sand-
gate HiR. Folkestone, Kent
CT20 3SG; Serenissima, 2 Lower
Sloane Street. London SW1W
8BJ: Page & Moy. 136/140
London Road, Leicester LE2
1EN; French Travel Service.
Francis House. Francis Street,
London SW1P EDE; PGL.
Station Street Ross-on-Wye.
Herefordshire HRfl 7AH.

BRIDGE

E P. C. COTTER

MY TWO hands today have a
certain similarity — they are
both concerned with elimina-
tion — but there are important
differences. But I feel sure
feat you will find several points
of interest in them.

Here all fee players were first
class performers:

N.

♦ A7
OQ84
0 AQ65
+ A85 3

E.

W.

*Q J 103
<7653
O J 94
+ Q72

+ K8654
072

OK1072
+ KJ .

C5AKJ109
083
+ 10 9 6 4

North dealt at game all, and
bid one no trump, to which
South replied with three hearts.

North rebid four clubs, agree-
ing hearts and showing fhe dub
Ace, but South had no thoughts
beyond game, and signed off
wd>th four hearts.

When West led the spade
Queen, the declarer examined
fee position. With two losers
in clubs and one in spades, he
bad to lose no diamond. Of
course, fee finesse might be
right, but he looked for -a way
of avoiding it. He then saw
that, although complete eloml-
nation was impossible —
because all fee -trumps could
not be drawn — partial elimina-
tion might be the answer.

To help fee elimination.
South allowed the spade Queen
to* hold, won fee next spade,
cashed fee Ace of clubs, and
drew two rounds of trumps. He
hoped to find one defender wife
a doubleton Ring of clubs, and
this early play of fee Ace,
before the defence could see
what was going on, shows bow
good a player he was. East,
however, was wide-awake, and
dropped his King. The declarer
continued wife a low dub, and
East played 'his Knave, hut
West could not overtake with-
out setting up fee ten. East

was end played — he did not
have fee missing trump — and
had to yidd fee tenth trick. A
diamond return would run into
dummy's major, tenace, so he.
led a spade. This gave a ruff
discard, allowing South to
throw a diamond from hand
and ruff on fee table. Cashing
fee diamond Ace, declarer
ruffed a diamond, drew the last
trump, conceded a dub, and
claimed.

The next hand was dealt by
South with North-South vulner-
able ;

N.

♦ 109642
r?Q3
O KQ
*K974

W.

* K 3

OJ10954
09852
*Q6 .

E.

♦ A

r?KS72
0 J 7 6 4 3
4> J 52

S.

4 Q J 8 7 5
OA6
O A 10
4 A 10 S 3

South bid one spade, and
went four spades after a doable
raise from bis partner.

When West led the heart
Knave, declarer saw that the
only hope of avoiding a dub
loser was by an endplay, forcing
a defender to make a damaging
club lead. He won the first
trick in hand, cashed fee Ace,
King of diamonds, and "cut
adrift with a heart. East won.
and played off his trump Ace
lo avoid a later endplay, and
started to count. He placed
declarer wife two red double-
tons. five spades,* and four

dubs. West must hold the

trump King and the club

Queen, otherwise South would

have no problem. He returned
a heart, knowing feat one ruff
discard would not allow South
to dispose of his club loser.

The declarer ruffed in hand,
throwing a club from the table,
and led a trump. West had to
win, and it was his turn to be
en Splayed. He knew that he
could not afford to concede a
second ruff discard by leading
a red suit. It had to be a club,
so he led the Queen — this, at
least, gave .the declarer a guess
— but South bad decided to
piny for split honours, he won
with the King, returned a chib,
and finessed -the ten in band.

the

the GREY LIGHT of
dreaded Sunday dawied. . I
groaned at the thought
r :„.i h,Hi» ahead-^-a fight I

"been reading fee papers Pro-
perly." I rammed feis one
home sensing .a slight faltering

|S“baJai‘'ihea4ia.flsht I Mjte. Tlme to tu to

never won, nor. even.- break .fee Ene.
haw, never «, “In an, event.” I said m my

The date and latitude- and t0F he of decision, “ I h&ve to go
loiStudT are fixed: the first ', to fee States on a job latter in
alrulay after, Christmas, with me fee ..year.”
heavily outnumbered, across the This was a real Wow. fired
dSfeg foom table. on fee up-roH. .1 celebrated the

The roast beef was digesting flr5t victory wife a second glass,
nicelv I decanted^ large-glass -. a, aiistake;; my wife re-loaded
of oort-to ease the pain. of. fe® in -a -flash.

impending and ignonuii lous

y : g a *J'3SrS2

sssfcsrassssi

whiff across fee bows.

“What are w«

this vear. Dad? sne

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and Vittorio Pleeirillo run a 24 room hotel by the sandy Jbe truly

family welcome in the Hotel Soma pravns the PiceiriMos really e ioy
playing host. The pure Magic ol Italy from £192. Villa* in the

Ju« two examples of our lescmating range of hotels end Villas tn the
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For your FREE colour brochure, ask your ABTA
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Dept FT, Russell Chamber*

Covorrt Garden, London WC2E SAW
Tel: 01-240 5988 (24-hr service) lor your
free brochure) or tel: 01-Z40 5984 for
your reservations. ABTA ATOL 488B

year,

fee first blow, I

holiday
said.

ignored tSTquestioii. But I was
•Scked by the speed and
accuracy of fee second, tins
from 14-year-old daughter-
“We could go to Amenta,
Shesk W»! Of
x went to Miami.- said it liras

fabulous.” ’ ■ -

' Ah. I thought so this is to
be fels year's . strategy, a
venomous feminine, plot to lure
me and my wallet across -fee
Atlantic.

• .“ If you didn’t drink so much
we cocdd' afford to go to Hong
Kong” (She had also erred
wife feat due,' and knew it.)

u And^tf you didn’t spend so
much on riothes. we could
afford to buy ' a villa in .the
South of; France,” I said.

Blood :was ‘.flowing in fee
scuppers, no qnarter asked or
given, but sensing fee chance
of fee first victory in more than
20 years T decided - oh a .fuH
broadside.

« But I-am not” I said in- my
best Capt. Horhblower tone of
decision, “ beating 4H the way
to the South of France sur-
rounded by a lot. of lunatic
French drivers intent' on their
usual August carnage.

.“Nor am I renting a villa
In the Dordogne.’’ A real hull-
shot this one. t ‘ . _
before we had

rijraijc Some years before we

Before T eordd come about to taken what wk euphemistically
present a bows-on target, my described as a “villa but
wife came- in wife gnus. traamug turned out to he_ a cottage
«2n rnv bearing. “ Claire (she perched precariously half way
b eldest daughter who has fled U p -a cliff sans hot water and-
thp nest) raid Diaieyfend was sans - heating. ■

Jr^rSus” ■ We managed to get the car

« I would love :to explore Sa up a

. 'm . id nMi,. old." - half a r mile of the eyrie- Only

^ Qtote cA^P in the States” ' a strategjc^ly phced SrSdal‘with seasickness.

— I4year oS - presumably The peace treaty was drawn

of Shot was. getting tfisillusioned_ tenant, prwi ented ^ over scones, lasMngs^ of
Time for an urgent the. ear shfeng ^ fresh cream and tea. The three

■ • I put down several hundred fe et below. females ■ are going to M ia mi .
WTr . ao _ " -Tfee view was nwgatocw wife- (who works) Is paying for

W !m you ahMU feose Tm toM, but ferough^ 14 days bmelf ^ one daughter.

wasn’t an Oxford Dictionary in
the vHla.

However, hack to The dining
room and I scented victory.-
There was some disarray in fee
opposing fleet I discharged my
carronhde.

“Package deal to Spain Is
also out” I said. “Remember
Almeria?”

This referred to two and a
half hours sitting In a Boeing
737 in a temperature weH into
the eighties. The plane coiddn’t
take off because of some
bloody-minded air traffic con-
trollers’ dispute and the
Spanish not letting us back in-
to the airport We finally ar-
rived at Gatwick looking like
baked potato.es.

At fee teatiine surrender
parley I was a magnanimous
conqueror. I offered them
Wales.

“ Not FkeTv." sard the 18-year-
old. “grandma' lives there; it
rains aff the time.”

I proffered the West Country.

“Traffic jams,” they said.

“ A mini-break ; in the New
Forest It says here.” I said,
shuffling through the Sunday
papers, “this very good hotel,
venison dinn er for ..." •

“ Friday to Sunday isn’t much
of a holiday.” said the 14-year-
old.

“We could combine it w?.th
a weekend in Boulogne,” said
my wife, who has been much
taken by the place since attend-
ing a five-day “ haute " cuisine
course there.

I detected insurrection by the
vanquished. A whiff of grape-
shot as a warning. I decided.

“Do you recall that ferry to
Dieppe?” I asked. They. were

change of coase.

■BrfciS? have generously' agreed to pay

a bit Murred. After atoseging f0T ft e other one . . - providing
sinSo She finds her own spending

up^smrw be wSfe sufficient J®™® money.

2LSSr-£T- of redand wtote to makeltf e Me?

oniy haffi way. .

monstrous regunem
regrouped, readying for another
salvo. _

“ Air feres across, fee Attemnc
and in fee States are very rea-
sonable-" — 18 year oM. '
“Bound to. rise; you’ve ®o*

. Tm staying home to

heantole, we pflayed ' Scrafibie. p^ter. in the garden and lay
daily- m- down a few bottles of vintage

I organist R championship Paragraph, three, clause four,
which youngest dau^iter won i have to join them in the
by about 10,000 points. Mgr wife states if the Editor agrees.

Mi* Commander

„ CK7A
HOTELS

ii£f

CARNIVAL IN VENICE
14-21 FEBRUARY

HOTEL DANIEL! HOTEL EUROPA

7 NIGHTS £560 7 NIGHTS £480

Prices include schedule flight to Venice, transfer ta/from Hotel,
accommodation with breakfast (supplement payable for single room)
Alio included; three Theatre Shows, visit Palladio Villa with Lunch at
~ Villa Cipriani, visit to Carnival maka-up school, cocktail in Venetian
Home on Grand Canal, Carnival Ball

Details and bookings from:

BROMPTON TRAVEL LTD.

206 Walton Street, London SW3 2JP -.Tel: 01-564 8143

Discounted Air Travel

Intercontinental scheduled sar-
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TWIir-M F^iaA-niavBfSt

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* The Romance of the Metro. *

■k - Lyn Macdonald *

* For a frea copy of Mite original and

-K fesdnafeg ossay on tne Paris
■k metro evotang tha very htatory of

* Frames, logetfiarwiin our brochure

* on Individual fidustve holidays to

-K that beauttfuldty, write orphoie-

* Ttme OK UiL, 2a Chester Close,

*■
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MOTOR CARS

LADY OWNER

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miles. Available 1st Feb.

0243 58 512.

20.000

£4.500.

The Sun Shines all the time
in the West Indies

We ha«e a selection ol 100 taP-auanty
trewod boats teat we h*»e oersonaMr
inspected based in Antigua and St.
Vincent. We have coloured photooraohs
ol Hie boats and crews and will be
happv to give advice led arrange
travel. Prices from £20 o*r |' Ba d per 1
day. Ring or write _Ea.V lel L. 5SY2;
CAMPER & NICHOLSON YACHT
AGENCY. 18 Regency Sb'ect. LootJon
SW1P ADO. Tel. 01-821 1GA1 or
TelM: 918D7B NICLON.

From

MAJORCA £85
MALAGA £85
AUCANTE £75
MENORCA £92
IBIZA £87
FARO £105
TENERIFE £130

Aiipons on British Mktari, ite scheduled

PhoM British Midland Travel ar East
MuJlaivfa (033^) 810552 or Bimun«ham
<02J) 236 0121 for jour,
brochure, or see your
Travel Agesir.

British Midland

Travel •

ATOL NO- 406

■ The most renowned school for French

THE INSTITUT BE FRANCAIS

Overlooking the Riviera’s most beautiful bay

MAKES LEARNING FRENCH
A WONDERFUL & UNIQUE EXPERIENCE

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Remember Paris

-Fiona Richmond
FtrafieetoWofthisehaiTniwiin^
colourful letter to a friend together
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inclusive holidays to that bwu im ui

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LIVE LIKE A PRINCE
IN GREECE

This year have the holiday of
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From £22Q-£400 p.p. 2 weeks

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43 CHEVAL PLACE
LONDON SW7
.Tel! 01-581 0851, 01-584 8803
(01-589 0132 24 hours)

ABTA: ATOL 337B

THE GOVERNORS OFFER UP TO
THREE ENTRANCE SCHOLARSHIPS
TENABLE FROM SEPTEMBER 1982
The value of an award may be up to half-fees.

Handcross Park is an IAPS co-ed ucational Preparatory School of
180 children.

For prospectus and details of Scholarships write to:

The Headmaster
Handcross Park School

Handcross. Haywards Heath, West Sussex RH17 6HF

HOLIDAY ACCOMMODATION

art galleries

CLUBS

EVE has outlived the other* because of a
policy of lair play and value Jor menev-
Supper from 10-3.30 am. Do» “g
musicians, glaimxQus hos *f ls ^ , .* CJ B« 7 0
floors how*. 189 Rwent SL 7S4 0557.

MARLBOROUGH, 6 Albemarle St., W1 .
JOHN PIPER Tudor Picturesque oils,
gouaches and new oraphls. Unul 9Jan.
'82. Mon.-Frl. 1D-S.30. SaL 10-12.30.

FLORIDA

PRIVATELY OWNED LUXURY APARTMENT AVAILABLE FOR LETTING
DURING SUMMER MONTHS (MAY TO DECEMBER INCLUSIVE)

Typical Chargos:

1 month (4 weeks) CSGQ (5 peoplo or Icsd)

1 month (3 weeks) (§• £740 (5 people Dr less)

1 month (2 weeks) iqi £500 (5 people or less)

15 davs mm. 15? Price depending on period

Situated at Clearwater Beech with spectacular view over Gull o( Maxico.
Apartment consists of 2 large Bedrooms (plus Lounge (facility) each com-
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Furnished complete ready to live. rn. Colour TV and Telaphona included.
Kitchen complete with Fridge. Ice-makcr. Dishwasher. Washing and Drying
Machine. Westc Disposal Unit and all ancillary equipment. Facilities
Included: Swimming Pool, Saunas, Games and Keep-Fit Room. Recreation
Centra Private Bars. Owner ean arrange to have you met at Tampa Airport
with transport to Clearwater Beach apartment, together with Car Hire

■"“■ETai G68B0. Financial Times. 10 Cannon Street. EC 4 P 4 BY,

WHITECHAPEL ART GALLERY, Whlte-
cheiel Hlah St 337 0107. Tube Aldgatc
E»L To 24 Jan. BRITISH SCULPTURE
IN* THE TWENTIETH CENTURY. Pwt II
19S1-80. Suti.-Frl. 11-G. cl. Sat Adm.
£1 (SOp). Free Mon. Z-6.

Uncover your cars every
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Wednesday

imes

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The Rr»nc5al Times now publishes Motor Car
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Royal C Lid. 01-402 3821.

ART GALLERIES

MATHAF GALLERY, 32 Motcomb Street.
London, SW1. Tel. ZSS 0010. Specialists
In 19 th Century end Contemporary Paint-
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8LOND FINE ART. 33 SacLvilIc : St.. W1-
473 1230. GALLERY ARTISTS Lntil
23 Jan.

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SMALL WORK b* seiKUKl British and
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BY ANTHONY CURTIS
Auto-Da-F€

by Elias Canetti, translated from
the German by C. V. Wedgwood.
Jonathan Cape £7.95, 461 pages

Crowds and Power

by Elias Canetti, translated from
the German by Carol Stewart.
Penguin (paperback) £2.95.

'575 pages

The most recent work of the
latest Nobel author, Elias
Canetti, to be published in
England is neither of the two
books listed above which are
reissues. It is an essay of just
over a hundred pages, based on
a visit to Morocco, The Voices
of Marrakesh (Marion Boyars,
£5.50). It appeared in 1978
translated by J. A. Underwood
but it was already eleven years
old, having originally been
published in German, the
language in which Canetti com-
poses his literary works. In it
he describes a visit to a part
of Marrakesh occupied by
hundreds of blind people, most
of them beggars, all of them
spending the major part of their
lives in saying the single word.
“ Allah!”

Back from Morocco, [writes
Canetti] I once sat down with
my .eyes closed and my legs
crossed in a comer of my
room and tried to say
“Allah! Allah! Allah!” over
and over again for half an
hour at the right speed and
volume. I tried to imagine
myself going on saying it for
a whole day and a large part
of the night; taking a short
sleep and then beginning
again, doing the same thing
for days and weeks, months
and years; growing old and
older and living like that and
clinging -tenaciously to that
life; flying into a fury if some-
thing disturbed me in that
-life; wanting nothing else,
sticking to it utterly.

Having acted out the experience
for himself. Canetti then ponders
its meaning;

I understood the seduction
there is in a life that- reduces
everything to the simplest
kind of repetition .... I
understood chat these blind
beggars really are: the saints
of repetition. Most of what for
us still eludes repetition 1 is
eradicated from their lives.
There we have the essence of
the man and I would urge the
reader who is totally unfamiliar
with the work to begin gently,
if that is the word, with The
Voices, rather than to make a
premature assault on the novrl

Auto-BarFL- In. ;the shorter
book' you ■ inset Canetti
at his most reiaxe djand. you are
immediately . Von oyer by his
guileful- simplicity ,£tnd charm.
He proceeds always from the
vividly .realised particular in-
stance. to the abstract principles
governing; it. 'He reduces a
human personality to the ruling
obsession that motivates it

In Auto-Da-Fe we have a
group of such personalities,
each motivated by an obsession
delineated in terms of things to
the point of caricature, and
mutually exclusive of the other
obsessions with which it comes
into violent conflict The charac-
ters are like highly charged ob-
jects caught up in each other's
.fields of force, drawn to.each
other irresistibly, only to; be
violently repelled at the point
of contact

The one English writer ! xan
think of whose view of the
world . seems to resemble
Canetti '5 is,- oddly, Ben* Jenson,
in plays like" The Alchemist, or
Bartholomew ■ Fair, Canetti
shares the black corrosive ‘yet
strangely joyful energy of rate
Elizabethan and Jacobean
comedy. Imagine a world
peopled by figures out of the
German painter George Grosz
but scripted by a modern Ben
Jonson or Middleton, and you
have, perhaps a model for Auto-
Da-FC.

It appeared first in German
in 1935 as Die Blendung and
is bis only novel to be published.
The English version now re-
printed was made “under the
personal supervision of the
author” by C. V. Wedgwood.
Possibly the literal translation
of the title. The Blinding, gives
a more immediately helpful
pointer to the intention. The
city in which the action occurs
is not named but it is clearly
Vienna. Canetti was brought
up there from the age of eight.
His background Is wonderfully
cosmopolitan, bom actually in
Bulgaria to parents who were
Spanish-speaking* Sephardic
Jews with German a* a second
language. They lived in Man-
chester for business reasons
until his father died in 1913
when Canetti was 8; then
Vienna, with school in Zurich
and Frankfurt, until 1938; then
Paris fOT a year, then London
where he has a flat; then in
1963 Zurich where he now
lives. In recent years the Nohel
Prize judges have shown a
strong bias in favour of writers |
Whose genius has been the pro-
duct of their uprootedness,

Elias Canstti in Stockholm recently, arriving; at .the Nobel Prize award dinner with Princess Christine

,.!of Sweden-

Samuel Beckett. Singer, Milosz
and now Canetti They sbare
an underlying sense of the
forces of history that have con-
ditioned life, in our period.
They make the * domestic con-
cerns of many English novelists
seem frivolous and trivial.

In Auto-Do-Fd the sense of
exile is largely an interior one;
we watch it overwhelming the
anti-hero, an eminent scholar of
Chinese literature and philo-
sophy whose pride and joy.
whose sole reason for living, is
his magnificent library- It is
not possible to live wholly in
the rarefied scholarly ambience
of a private library, removed
from all human .contact, much
as Peter Kien tries so to do.
Food, sleep, the cleaning of the
premises, are necessities to
which even super-human,
scholarly singleness of purpose
must occasionally make conces-
sions, and they in turn necessi-
tate the employment of a house-
keeper and minimal human con-
tact.

This is the chink in Kien’s

armour * ‘ through . which ' be
becomes -^vulnerable ' to the
world. -Mistaking; his' house-
keeper’s feigned -respect for his
beloved bools' for genuine
reverencei he mames her. '

Her. obsession with security
then comes into mortal collision
with his passion for textual
exegesis. This . leads 1 both of
them too seek allies -in the
struggle, among tradespeople,
criminals, vagrants and lay-
abouts, each of whom tries to
exploit the situation in the light
of his or her particular ruling
obsession. There is a peculiar
qastv and vicious dwarf who
nourishes dreams of becoming
a world chess champion, and
who latches on to Kien like a
limpet. Gradually a group, or
what Canetti calls a crowd,
forms. The novel traces the for-
mation and dissolution of this
group as weU as the careers of
each of its- members with
remarkable saturation of detail.

Even the arrival on the scene
from Paris of a “sane" man,
Kien'5 brother, a psychiatrist,

*. who. assesses the situation accur-
ately and seemingly restores the
library to .' its pristine tranquil-
lity. cannot in reality begin to
put out the flames aroused by
Kien’s mania. They spread con-
tagiously like wildfire and it is
in an actual fire started by him-
self that Kien perishes. Hence
the title Canetti has chosen for
the- English - version. Kien is
. martyr to the inquisition of his
own self-sufficiency.

the image of fire as a meta-
phor of the behaviours of a
crowd is one that Canetti
examines along with many
others taken from nature in
Crowds and Power first pub-
lished in 1960, and written while
Canetti was living in London.
It is a widely ranging study of
crowd-formations throughout
primitive and civilised society,
history and religion. The two
books, one highly imaginative
and the other deeply thoughtful,
are mutually illuminating, and
it is good that both are now
readily accessible to the English
' reader.

Malta mission

BY MICHAEL DONNE

friSi'.-lr ^***£33

|f;' If

m an*

Among the most stirring air
stories to emerge from the
Second" World War was the
heroic defence of Malta by the
RAF at a time when the. UK
forces everywhere were under
severe pressure, and especially
in North Africa and the Medi-

T

terranean. Lord James Douglas-
Hamilton’s The Air Battle for
Malta — the Diaries of a Fighter
Pilot (Mainstream Publishing
£7.95. 208 pages) is based upon
the diaries kept by Squadron
Leader Lord David Douglas-
Hamilton. the author’s uncle.

*5

*s»-

English-French and French-English

• Marche des valeurs hors cote?

# Retenue (de I’impot sur le
revenu) k la source?

• Baratin publicitaire?

• Asile fiscal?

• Taxe sur les paris?

• Bail a long terme?

• Prixcoutant?

\ •Personnequitravaille

who was sent out secretly to
Malta on an American aircraft
carrier, to command the 603
(City of Edinburgh) Squadron
at a time when the island was
sustaining - heavier bombing
than did London, at the height
of the Blitz. The air Battle for
Malta was one of the' biggest-
air battles of the 'war. and In Its
own way was just as important
strategically as the Battle of
Britain. This Intensely personal
account illustrates vividly what
life was like for a fighter pilot
at that time, and is as good as
any aviation action story I have
read.

When she died in 1972 at the
age of 81, Bronislava Nijinska
left a first draft of her early
memoirs. From her childhood
she seems to have made notes
about events and people; as a
dancer at the Maryinsky
Theatre in St. Petersburg and
with Diaghilev she kept diaries
and notebooks in which she set
dawn more extended commen-
taries about her life, about the
art she so nobly served, and
about her brother, Vaslav
Nijinsky. It is from this mass
of material that she was pre-
paring a first volume of auto-
biography, which has now been
completed, edited and organised
in translation by her daughter
Irina and a novelist, Jean
Rawlinson. The result is a
detailed and illuminating book
about Nijinska’s family, about
her own career and that of her
brother up until the outbreak
of the first world war, and
especially about the fabled
world of the St. Petersburg
ballet and the early seasons of
the Diaghilev enterprise.

There emerges a vivid picture
of life in Petersburg, where the
young Bronislava and Vaslav
grew up once they had entered
the Imperial Ballet school and
company, and of the Russia
through which the Nijinsky
parents • travelled as itinerant
dancers in priva te thea ties.
Nijinska’s own life affords us
extraordinary insights into the
balletic world in Russia, but
the central figure of these
memoirs is effectively Vaslav
Nijinsky, whose apologia this
is. more so even than in his
wife Romola’s biography (which
Stravinsky called “an infernal
lampoon ”).

Nijinska’s Nijinsky is lively
and articulate, a far cry from
the taciturn and uncommunica- .
tive being we meet in- 4he
writings of most commentators
on ' his life- By . Its : devotion'
quite, as . much .as. by its
intimacy, this view engages our
sympathies and. to a large
extent, our credence. But
despite the - special' pleading ■
inevitable from a sister who
acknowledges the profound
influence of Nijinsky’s '
creativity upon her, we sense .
how various . ‘ pressures —
Nijinsky’s rejection, of his •

Bronislava Nijinska as the Street Dancer, Konstantin Kofaelev as the
Orean Grinder and Lyudmil la Schollar as a Gypsy in the first seme of
“Petrushka” in Wl

errant father; his distress at
the mental instability of his
elder brother; his uncertain
relationships with women and
his acceptance of the protective
patronage and love of Prince
Lvov and then of Diaghilev—
were to produce those stresses
which helped bring about his
own mental collapse: ...-
. In Nijinska’s portrait thongh,
it is hard to reconcile . the
musically gifted young man she
presents with Stravinsky's “poor
boy who knew nothing of
music,” or , ' the - ’-“most
ordinary youth . . who- really
remained a boy” until the
moment he was overwhelmed
by insanity”- of . Benois’
memoirs. The truth., as so often,
lies somewhere between;. Even
so. Nijinska’s is a ’compelling
figure study, sensitively placed
in its exotic settings,- And- as
a bonus there are -roe other
portrait-souvenirs: Chaliagine,
with whom the young Broni-
slava fell hopelessly , in love;
a rouged ahd painted Cocteau
and a vaitt, tittuping Modeste
Chaikovsky; the- improbable
idea' of Diaghilev 'trying to
stuff a banana down Misia Serfs
ddcolletage^ and best rof all, the
descriptions _of. the. Maryinsky
ballet in its hide^bound decline,
and of- the . excitements
attendant upon the first Ballet
Russe seasons, with superbly
detailed accounts of Nijinsky
dancing, and of Adolf Bohn
surging over the stage ' as the
Polovtsian. chief. • •

There • is, of course, . the
“ Rashamon - effect inevitable

with . memoirs about the
Diaghilev .era, and 1 am not'
prepared to discount the con-
flicts of evidence witii the
testimony of Grigoriev, Fokiue.
Benods, • Stravinsky, and of
Waiter Nouvel in Haskell's
Diaghilev. Nijinska proposes
Baron Gunsbourg, DiagbiHev’s
homme d'affaires, as a likely
vnaiain in. the dismissal scandal,
through his desire to replace
NajAnsky .with Fokine as choreo-
grapher; the assoluia Ksches-
sanskaya features oddly, in the
brouhaha about Nijinsky's
“ revealing ” costume which led
to his departure from the
Maryinsky: I would challenge
Nijinska’s assertion that Ravel
was invited to compose Daphnu
in 1910, when Calvocoressi's
entireSy trustworthy - memoirs
date this commission to 1909.

‘ But despite these reservations,
and a rather pedestrian -prose
style in the translation — and
.some manor errors in names and
tfcfles— Early Memoirs is a
tremendous document, an essen-
tial add to our understanding of
one of the great periods of
Western culture. .

In the era of the Ballet Russe,
Russian avant garde artists were
also creating remarkable works.
Many pf these have been re-dis-
covered by a Mbscow-borh
Greek, George Costakis. His
magnificent collection which,
among other items, contains 20
Kandinskys, is superbly pre-
sented in Russian. Avant Garde
Art .(Thames & 'Hudson, £28,
572 pages).

Run rabbit re-run

rrrn

Tn

I'Ju

Ld

A3

This new English-French dictionary is de-
signed as a basic translating tool for everyday
business language. It provides accurate com-
mercial meanings of words with specific exam-
ples of their business, usage taken from Bank-
ing, Stock Exchange, Accountancy, Insurance,
Commerce and Law. Terms relating to the EEC
are also included and in addition the dictionary
has been compiled on the basis of the language
commonly found in commercial correspon-
dence, business newspapers, magazines and
business documentation generated by. com-
mercial companies, banks, etc. it is therefore of
immense value to the translator, the business-
man, the secretary, the sales manager, and the

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page Guide to the Financial Times Statistics. In
a separate section, international currencies and
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Rabbit is Ricb

by John Updike. Andre D putsch

£7.95. 467 pages

With Rabbit is Rich John
Updike returns for Che second
time to his character Harry
•Rabbit’ Angstrom, and
examines his further progress
in the world. That Angstrom is
outstanding neither for intelli-
gence nor decisiveness might
make the prospect of a second
reworking seem unpromising,
but these factors almost work
in the book’s favour. Rabbit’s
accommodations to marriage
and career were aLways pro-
visional in previous volumes,
and no violence is done to so
pathologically unfinished a
character by transposing him to
the late late-1970s, and entering
him for a third 'bout .with- the
human condition.

Rabbit is rich, and almost
happy. First seen as a demon-
strator of the MagiPeel Kitchen
Peeler, he is still a salesman,
but now he co-owns a car show-
room. Since the cars he sells
are fuel-efficient and Japanese,
he is feeling the recession less
than most, and since his
marriage has been in crisis
from the start it is in respect-
able shape by the standards now
prevailing, Janice Angstrom,
adjudged a poor consumer
choice in < 1959, turns out to
have staying power.

Rabbit Angstrom is in fact
more stable at 46 than he has
been for a long time, and the
adjustments he must make in
the course of the novefl are
caused as much by the chronic
shrinking of the world as bv
any personal limitations. The
energy crisis affects everyone.

Appropriately enough, the
events of the book recycle old
patterns and rearrange past
experiences: Rabbit must see
his own adolescent traumas
played out in the -person of his
son Nelson. This theme, and
with it most of the book, centres
naturally on -the city of Brewer.
Pennsylvania, but two sub-
sidiary plot-threads pidl in
slightly different ■ directions.
One is Rabbit’s anticipated
relationship with a girl he
guesses to be his daughter by an
old Same (Ruth Leonard of
Rabbit, Run). Hey meet only
once, when she visits his car
showroom at the beginning of
tiie book, but she becomes and.
remains part of his mental fur-
niture. The figure of this un-

known daughter promises • to
reconcile Rabbit the adulterer
and Rabbit the family <man, his
centrifugal and centripetal
aspects, and he .pays two furtive
visits to the farm where she
lives, without * making any
discoveries.

Rabbit the adulterer is still
busy, at least in bis thoughts,
this time with Cindy . Murkett,
the young wife of his golfing
partner Webb. She doesn’t en-
courage him. but he feels that
their encounter is somehow pre-
destined: he expects a proposed
Caribbean holiday to provide
opportunities.

The plot moves deftly enough
towards the resolution of all
these matters; but throughout,
the texture of the writing is
what demands attention.
Updike’s subject-matter is quo-
tidian, and his characters are
no broader than their back-
grounds have made them; so ail
the resources of his rhetoric are
lavished on making the prose
thicken and cross-refer, without
betraying the existence of a
narrator subtler than Harry
Angstrom, salesman and ex-
basketball star.

To this end Updike saturates
his book with the news head-
lines of 1979. and fills his
creature Rabbit’s head with the
magazine Consumer Reports; he
goes to great lengths to prove
he’s transcribing the world and
not transforming it This is a
paradoxical endeavour, like
photorealism in painting, since
the more it succeeds the more
pointless It becomes, and the
result risks being too insis-
tently contemporary, an instant
fossil with every period detaii
in place.

A scrupulous materialism has
always been one pole of
Updike’s style, though perhaps
in the past it was less obtru-
sively documented; the dollar-
sign on his typewriter-keyboard
is as indispensable as the
comma. But there is another
equally characteristic element
at work, a covert lyricism which
allows Updike to moralise,
editorialise and aestheticise to
his heart’s content as long as
he leaves the realistic surface
of the book undisturbed, and so
avoids frightening the Book
Clubs.

Normally he risks purple
phrases rather than whole pas-
sages, and hides an epigram
(“in the vacuum of the heart

BY ADAM MARSJ0NES

love falls forever ”) in a hedge
of prosaic detalL So,, for in-
stance, a rainstorm- features,
first as a (meteorological event
(causing a baseball match to be
cancelled), then as an imme-
diate experience ( beating on the
windows), and finally as a sub-
ject for lyrical variation: “The
beech accepts, leaf upon leaf,
shelves and stairs of continuous
dripping, the rain.”

*Rie combined reductive and
poetic approach is put to par-
ticular use in the sexual
scenes, when flesh is most
sheerly itself, but also most
mysterious. Only occasionally
does the' technique falter, once
when the adultery-theme is
concluded on the long-awaited
Caribbean holiday: partners -
are indeed swapped between
the couples, hut Rabbit is
matched not with the delectable •
Cindy, but with unglamorous
Thelma, intelligent, intense, and
dying slowly of dupus^ The
result is a night of confession
and sexual taboobreaking
which threatens to he both -
solemn and ridiculous, and
prompts the only reported
speeches in a book that is con-
spicuously full and expansive
at every other point

Angstrom saga John
Updike, who was . born in
Pennsylvania (but -came to notice
as a New Yorker staff writer.

John Updike: story of a car salesman

TSrcreates his . -native town
across three -decades, scrupul-
•ously mimicking social attitudes
as they change. It may be that
he needs the .ballast of this
material for his style to be pro-
perly Iwoyant; hut Updike the

transforming narrator never-
peless outclasses the puppets
ne has now for the- third time
chosen, to surround with the
richness of his observation and
his language.

SAUDI

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THERE I& something about the ;
vary ward; rf'repro T that makes -
most-- of ' us-' feel *yevy'. "uneasy. ‘
Mention' it "fo - -one’s friends and
ttie standard response. is usually *
something between a sniff and a
sneer. Similarly, anybody who
deals in genuine antiques is ;
most unlikely to be able to re- "
gard a reproduction with any-
thing "but ' chilly disdain
•—regardless of . how. much
difficulty he has in recognising -
it as such. I personally have to
confess to a great deal of pre-
judice in this area-slacking the -
•wherewithal! to buy genuine
antiques I prefer to surround
myself with a combination of •■
modem furniture and the
simple honesty" of “ junkshop " ‘
finds.. ■

However, there are now some 1
reproductions which are so
meticulously-made, so finely
copied , . . from , much-admired,
originals, so' evidently produced -
with loving:- care, that one's
instinctive objections seem hard
to- sustain. Take the furniture of
William Tillman. He has a
splendid showroom -at No 30,
St James’s Street, just off
Piccadilly where anybody who
is interested fnay see -a large
selection of his reproduction
pieces mixed with a small but .
fine collection of ' genuine
antiques. ' -

William' Tillman started off,
like most of us, thinking that
there was nothing like a .
genuine antique and his very- -
first job was in restoration— .
repairing antiques far the-lnde. :
It was only when he . saw that
there were simply -not enough
antiques to go round and 'that-
the demand fdT I8th century
dining and breakfast .tables
completely outstripped 1 the
supply that be decided to start
making them himself. : -

the first -table he .ever made
was a copy 1 of a Sheraton dining
table and it. sold,. 25 years ago,
for' £68— today it would cost
just over £1,000. : At the time
he already had 25 craftsmen
working for him. on the restora-
tion side so it was relatively
simple to turn oyer to making
furmtureinstead-. ; -N^ has
65 craftsmen and produces over

50 differentdihes— most of them-
whaf , might be called -Une-for-
lintf copies of- original Chippen-
dale.^ Sheraton . or.Hepplewhite
designs (he . considers •; the
period between 1780 and 1S20
to have been the finest, ana .
most' elegant; time for English,
furniture)— but a ..few - aV them
are what he calls “ Chippendale-,
style;’’ of “ Sheraton-styIe,"" that
iSi modern adaptations of old

designs, ■■ •’r •. • ’ • < ;

AH' ^through ■ the - recession
whilst most'of tfae ; furniture in-
dustry .'was onion* or two days
a- week, WiDiani ^liman’s men
have beeij. <wi overtime. : ' He
turns .out oyer' 100 pieces a
week' -end'- when you discover
the -difference; in price between
one - of bis designs ana its
original model /ff it eouid be
found), it is not so' surprising
that -his pieces - are jSO sbught-
after. .

' For instance. . about a year
ago- Mr Tillman bought a
Sheraton oval breakfast table at
Christie's for £12.265 and he-
had to do quite a bit of restora-
tion work on it as well He
now makes llnetfor-line. copies
. of it f see the photograph above
right) which he sells for £2.310
. (plus VAT). He even claims ms
version is better-. Y . ou c °^
take one of my tables and float
it down the Thames. All you d
have to do is wipe it down ana
then you could dine off _.il
Modern glues are now kupenor.
construction methods are

Photographed - above are two
Ghippenda) e-styl e .ladderback.
didtasf-chsurs' in mahogany
from William Tillman. Chairs"
are much more complicated
to make than tables which
accounts for the fact that
they seem surprisingly ex-
pensive— (hough when you
look at the fine quality
of the carving it Is perhaps
less startling that they cost
£495 (pins VAT) each. Most
of William Tillman's collec-

tion consists of tables, desks
or chairs — to produce today
a desk or secretaire to the
kind of standard that Mr
Tillman aims at would be
almost impossible. For in-
stance a George in hookease
which on the open market
would nowadays fetch about
£25,000 would require so
many man hours to make it
to the required standard that
be conldn’t do it even if he
conld sell it for £25,000.

wiimw.m

fr"''.': Q H*-: "f, ;

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.i ’£&*■ : ■

Photographed above is
William Tillman’s line-for-
line copy of a Sheraton oval
breakfast tahle he bought at
Christie's last year for
£12.265. A stunning example
of just how big the gap in
price 'can he between the
increasingly unobtainable
genuine antiques and the
finely-made copies — this
model is on sale for £2,310
(plus VAT). Mr Tillman
does not believe in that cur-
rently popular habit of “dis-
tressing" new reproduction
furniture as he believes that
firstly, it always looks false
and secondly, he likes his
customers to know that the
furniture they buy from him
will only improve as time
goes on. As he puts it,
‘Tm making furniture not
just for today, but for the
next 1,600 years.”

SKIERS, mountaineers, jarmers
and other outdoor types long ^
ago cottoned onto the value of'
thermal underwear but it is only
fairly recently that it has begun
to be sold in chavnstores up
and. down the country. 1 remem-
ber just two years ago trying
to tiuy thermal undencear for
a skiing holiday in an. ordinary
department store and being
given a withering glance by a
languid assistant "who told me
that they certainly didn’t stock
it i?t my size as only elderly
large ladies were interested in
it. So much for keeping up with
customer trends.

Today young girls up and
down the country are buying it
to keep them, warm whilst wait-
ing at chitly bus stops, to enable
them to wear I heir cotton
trousers and dresses all through
the year, to keep away draughts
when wearing light evening
dresses. You can nour buy under-
wear that goes by the name of
"thermal” in chain-stores like
Marks and Spencer, British
Home Stores, Litileuroods, as
ircll as in department stores
like Harrods and Selfridges.

Thermal by itself doesn't
mean a great deal — it simply
means •' of heat” — but the clear
implication is that thermal
undencear will keep you
warmer than ■ the non-thermal
sort. Certainly almost all the
clothing sold with this hind of
label will keep you a lot
warmer than the flimsy silk or
cotton numbers that most of us
prefer to wear in warmer
months.

The hco main fibres used in
thermal underwear are chloro-
fibre and Courtauld’s newest
fibre, Viloft. A big user of
chlorofibre is Damart, who
pioneered the whole idea and
who were for years the sole pur-
veyor of these goods.

The Damart catalogue (avail-
able free from: Damart, Dept 2,
NMA. Bingley. West Yorks)
prorides a very easy and con-
venient way of buying. It looks
amusingly (or perhaps reassur-
ringly?) old-fashioned, but it
does offer a unde variety of
styles, from a fairly solid all-
covering version useful for
really chilling activities like
mountaineering or skiing to
quite skimpy and lacy numbers
which are obviously only ther-
mal where they cover (which
isn’t very much).

The catalogue has j the great
■virtue of being extremely clear

fffe

m

Winter warmth for him and her. stripes — T-shirt and trunks
In the photograph is Chilpmfe's are each about £"- For her
contribution to a more comrort- also 30/50 Viloft polyester has
able winter. In 50/50 Viloft heen used — in white only, the
polyester the range for men is briefs are £3.50, the- sleeveless
in white with contrasting navy top, about £4.95,

and informative and for tren-
dies who read the fashion pages
it also offers an authentic
grand-dad type vest (the sort
triffi. three buttons down the
front) at £7.55.

' The chief disadvantage of
Chlorofibre is that it needs care-
ful washing. The set I bought
for skiing came u'ith a label
saying it must only be hand-
washed. must not be dried arti-
ficially. nor be ironed/ If you
can face all that, if does keep
you warm.

Viloft, Courtauld’s neir fibre,
can, on the other hand . be
machine-washed at 50 deg C and
machine-dried.

Most of the chain-stores and
shops now selling thermal
underwear offer a choice. Far
instance at Marks and Spencer,
which sells its own brand, there
is chlorofibre, polyester, poly -
Viloft. polyViscose. Prices vary
between £2.50 and £2.99 for
both pants and rests for women.
whilst for men prices are £3.25

for sleeveless rests and short
“trunks.” Longjohns and short-
sleeved rests at £4.50 each.

At British Howe Stores, too.
they are selling underwear in
both chlorofibre and polyViloft
and offer a variety of design:;.

If you're looking for exciting
designs won won't find a great
deal o/ choice. Wo toy seems
tu me to have some of the best
around — a year or so ago .
apparently, they experimented-
trith more exciting colours but
none of the underwear buyers
believed it would sell, so we
never got a chance to see it..
For the moment the choice of
colour seems mainly limited to
while and cream with a little
blue or brown (at Marks and
Spencer and British Home
Stores./.

Much the most exciting
sounding range is the collection
Wutsey has introduced for mer.
— brig'litly-coloured long j oh»*

. with, matching :ip polo necked
sweaters, nr “T ’ snin-n'jle tops.

mm

...

‘ ' ’ ^ "■ - ' j

Photographed above is a
selection of furniture from
the showroom of Baker,
Knapp and Tubbs at 26 King

-Street, London WC2 (an intro-
duction from an interior
; decorator- or a shop that stocks
the- furniture like Harrods or
Waring and GjJlow is neces-
sary before going along). The
splendid mahogany “ Rice
Bed ”.is a copy of an original

better and timber is kilned
so that.it can withstand the
high temperatures of centrally-
heated houses.” -

Who buys' his furniture? Most
of it goes , to’ British homes,
bought by the sort of people
who live In country houses and
either can't afford or can’t find
the antiques they’d really like.

Anybody interests, in Mr
Tillinan’s range can see it
either in “his showroom in St
James’s Street or "shops like
Harrods, Maples, Waring and
Gillow have a good -selection.

Another company specialising
in very high-class reproduction
furniture is Baker Knapp and
Tubbs. An American company
which opened lavish showrooms
.at 26, King Street, London WC2
(an introduction from a shop

which is still in Middleton
Place House in South
Carolina. The bed was made
for an 18th century Middleton
bride, and -rice, which brought
Charleston its wealth, is
celebrated in the rice fronds
bond-carved into the bedposts.
The original is, of course, un-
available-— copies from Baker,
Knapp and Tubbs are £3,700
each. The mahogany tallboy

like Harrods or Waring and
Gillow or an interior decorator
is necessary to visit them) it
specialises, needless to say. in
copies of American designs, and
like Mr Tillman it too finds it is
riding the recession exceedingly
comfortably. “There seems to
be an insatiable demand for
high quality reproduction fur-
niture," said the manager.

Many of the -designs are
copies of American originals at
Charleston. South Carolina
and it is because o£ the com-
pany’s known high standards
that it has been given permis-
sion by Ihe appropriate societies
to make the copies.

It also makes copies of furni-
ture from private collections in
fine houses both in America
and over here. From England

in the background is £3,600
while the small group at the
front of the photograph con-
sists of a small breakTast table
at £450, and two little Regency
chairs at £630 each. Baker,
Knapp and Tubbs carries
stock of most models bat if
there is no stock there may be
a wait of three to four
months.

there is a group of furniture
copied from originals at
Woburn Abbey — there are some
nine pieces of Regency satin-
wood at prices ranging from
£2,100 for a small table to
£ 11,000 for a breakfront
cabinet.

The quality of the furniture ;
is unmistakable, from the fine
’finis hin g of the wood to the
smallest details like the brass
handles, the keyholes and the
carving.

I don’t suppose any of these
copies would fool Arthur Negus
but they’d certainly fool most of
us and given the difference in
price between these models and
their almost unobtainable
originals, it’s not surprising
that they're all going as fast as
the proverbial hot cakes.

FINANCIAL TIMES CONFERENCES

The Euromarket

in 1982

London, 9 and 10 February 1982

SALE CONTINUES UNTIL
SATURDAY 2 3rd JANUARY.

7/9 Harriet Street SW1 Tel 235 9797

183 Sloane Street SW1 Td 235 9728.

.. 157 Fulham Road SW3 Tel 5846939
35 Bow St. Covent Garden WC2 Td 240 1997
71/73 &75 Lower Sloane Sf.SWITd 730 1771/5255-
Laura Ashley : at ‘Homebase’ 66’PurIey Way r
Croydon Td 684 0250

• Substantial Reductions on-selected Garments/Drss
Fabrics/Discontinued 1981 Home Furnishings. ^
BathBirnaogham Bournemouth Brighton Brawl O mbrid geUrM^

Ch 3 S-E

Treat the house

I'M NOT a gTeat frequenter of
sales myself — I don’t seem to
have the stamina, the elbow-
pushing power or the sheer
determination that these forays
require— however there are two
sales that I propose to take
advantge of myself as they seem
to offer especially tempting
buys.

Descamps ; the French bed-
linen shop, at 19T Sloane Street,
London SW1 has a special pro-
motion running for the whole
of the month of January. Two
of the current designs, “Ondes
(a minute abstract in pale pinks
and blues) and “Crochet la
tinv zig-zag in bright pinks and
blues) are going to be reduced
—single sheets tin 100 per cent
cotton j down £2 to £14. doubles
down £4 to £18. Pillowcases,
duvet covers and so on will ne
similarly reduced. But the big

bargain seems to be in square
pillows— anyone who has a col-
lection of hand-embroidered
Victorian pillowcases and can't
find the pillows to fill them
should rush off now to
Descamps where square pillows
(65 cm by 65 cm) are on sale
at £6.95 each.

Sanderson of Berners Street
has a sale {until- February 6)_
which offers really substantial
reductions on certain bedlinens;
furnishing fabrics, wallcover-
ings and -rugs. For instance,
from the “Options” collection
there are polyester/cotton easy-
care duvet covers and pillow-
cases (of seconds quality,
though I couldn't find the flaws)
on sale at less than half the
normal retail price l.i.e. double
duvet covers arc down from
£27.50 when perfect, to £12L
Wallpapers range from £1-99 to
£3.99 depending on the design.

The distinguished panel of
speakers will include:

Governor Henry Wallich

Member, Board of Governors
Federal Reserve System,
Washington DC

MrCFredBergsten

Director, Institute for International
Economics

Formerly, Assistant Secretary for
International Affairs
Department of theTreasufy,
Washington DC

Dr Michael von Clemm

Chairman and Chief Executive
Credit Suisse First Boston Limited

Mr S M Yassukovich

Managing Director

European Banking Company Limited

Dr. Manfred Meier-Preschany

Managing Director .

Dresdner Bank AG

Mr CM J Whittington

International Director
Morgan Grenfell & Co Limited

Dr Axel Kollar

Deputy Member . of the Managing
Board .Westdeutsche Landesbank
Girozentrale

MrKEgashira

Chairman

Nomura International Limited

A Financial Times Conference

iri association with The Banker and Investors’ Chronicle ■

, ^ - Pfeasesendmeiuilherdetails'ofyourEuTqrnarkets in 1982 Conference.

The Euromarkets
in ©82

financiai.times

CONFERENCES

Name

Company

Address

To: .Financial Times Limited,
Conference Organisation
Minster House. Arthur Street
London EC4R 9AX
Tel: 01-621 1355- -
Telex: 27347 FTCONFG

Financial Times Saturday January 9 1982

l 4

10

ARTS

v-.

. - Ji..

• »<>’ ^

Les Patineurs

BY CLEMENT CRISP

. A new triple bill at Covent
Garden brings Les Patineurs
back to the repertory after a
considerable absence — with the
Etoile du Nord overture re-
stored as prelude to the Meyer-
beer delights of the score — in
tandem with My Brother , My
Sisters and Elite Syncopations.

It is some comment upon tbe
way the Royal Ballet now
dances that the MacMillan
pieces are given tremendous
performances, while the older,
ancestral Ashton work looked
on Thursday less than idiomatic
in utterance. The fault seems
to lie in a lack of dlait. _ an
absence' of a joyous dashing-
over- the-ice abandon in the
soloist roles. The spinning,
turning girls have spun .and
turned with greater virtuosity
in the past, and Stephen
Beagiey has yet to suggest the
devil-may-care bravura that the
best Blue Skaters have shown.

The ensemble seemed strong:
greater familiarity with the
demands — and they were first
made in 1937 — will surely polish
this still beguiling ballet to
what should be a pitch of glassy,
glittering perfection.

My Brother, My Sisters was
entirely excellent- Stephen

Jefferies was ring-master to the
macabre and incestuous dramas
•that the family play, and every
nuanpe in these eerie games was
caught in ' his ferocious interpre-
tation. Marguerite Por-ter, her
customarily gentle air a mask
beneath which malign energies
seethe finds one of her very best
■roles as tbe eldest sister, and
She looks like Ophelia drawn by
Charles Addams. Wendy Ellis
as the bespectacled' girl (who
not only, pace Ogden Nash, gets
her neck tickled, but well and
Truly wrung) is a hapless vic-
tim: her .siblings are danced
with tremendous technical force
by Deirdre Eyden. Genesia
Rosato and Sandra Cpnley. •

The ballet is compelling not
only for the precision with
which MacMillan probes into
psychic tensions, but also for the
sensitivity of the ensemble
playing: the mounting horror
with which the girls watch their
brother whipping himself into
an epileptic fit is spine-chilling.

And in Elite Syncopations
every caper was cut with
greatest elegance. Especial
thanks to Jennifer - Penney as
the red-starred girl, dancing
with angelic ease and the
lightest, prettiest wit.

Here’s a Funny

BY JAMES FRENCH

■Miller’s - the name,— -Jady.
there'l) never be another. Max
said so. And he w.as. right But
for those who loved the Cheeky
Chappie r .and those too young to
have known Variety’s most out-
rageous comedian. uf\ the. mid-
century. Here’s "a Funny Thing
at the Fortune Theatre is the
next best thing.

It is a! one-man and pianist
entertainment devised ' • by
journalist Bill' Shakespeare
when he was resting from The
Times two years back. You
might have thought Max was
more a Sun man's subject but
Shakespeare has put together
a nice balance of biographic
reminiscence and variety act. It
is Miller's undiluted blue magic.

Not quite so sure about John

SOLUTION AND WINNERS OF THE CHRISTMAS CROSSWORD

Ms Elizabeth Dodds. Royal Oak
House, Rampton, Retford,
Notts.

Mr V. Law, 8 Park Bottom,
Mirfield, West Yorkshire.

Mr P. S. Bagwell, 14 Brent
Way, London, N.3.

Mr B. S. Crowther, 154 Strines
Road, Strines, Stockport
Mrs C. P. Lindsay, 8 Melbtrry
.Road, London. W.I4.

Bardon, though. .Good lad. Good
artist Good actor. Puts it over
well. • Stylish. Saucy. But. if
you’ll pardon the comparison,
he is- a bristling bass bullock;
Miller was a frolicsome tenor
piglet Bardon leers with his
blue eyes; Miller’s blue saucers
beamed like searchlights.

Bardon sounded like a man
with a good voice trying to«ing
badly. Miller was a nasal bath-
room baUadeer who knew he
could not sing but did. Me, too.
In .the bath and elsewhere. Pity
Shakespeare— did- -not-. -include
“ I ain't half proud of my old
mum.” Too dean; I suppose.

Read Miller’s patter in print
and it seems trite and unam us-
ing. But John Bardon put it
over well.. Like I said, stylish.
But sometimes just a little too
quickly. Maxie knew we weren't
all as quick as he was. He'd
allow the slow ones a bit of
time to rumble it After all, it’s
all in the mind, innit? -

Years ago I had a sweetheart
-whose family record collection
included, surprisingly’ two 12
inch 78s of .Miller at! the
Holborn Empire. That’s not
why I- loved her. though. “We
don't play thenu” she -said.
“ Why hot?” asked I. “Daddy
■doesn’t ‘tfke them.” “ Go on,”
said L “let’s play them.” We
did, for a while. Funny ' thing,
it seemed to put a damper on
romance. Lovely girl. Wonder
what happened to her.

Twenty . years ago I went to
the closing night of . the
Empress, Brixton. Miller was
top of the bill. Do you know, the
blighter- played tbe -first -half-
only and. buzzed off. Outrageous!
.But- he' was.- - There is a
“ Brighten .up Brixton ” -cam-
paign in full , swing now. They
ought- to boot out the bingo and
pilt qn Here’s, a -Funny Thing.
«s,. even on. the rates.

Collectors’ item

BY WILLIAM PACKER

Paintings for Collectors is ’he
seasonal show at the Roy Miles
Gallery in London and though
one must be rather in the big
Teague to act upon the sugges-
tion in that title, it is neverthe-
less open and welcoming to any
interested visitor, and is cer-
tainly a treat. The exhibition
has been extended to January
20 . '

. What Miles has done has been
to bring, together some 40
pictures that represent the'
character of his' dealing over

remain obscure, or at the very
least under-acknowledged.

This collection is predomin-
antly of work of the 1 9th
century, and mostly British at
that, but it includes a number
of Dutch still-lifes of the 17th
and encroaches upon the 20th
with one or two academy
pictures, most particularly an
unusual . large figure composi-
tion in oil by Russell Flint,
three girls deshahtlldes and a
bridge.

Each to his taste indeed, and
for my part I would recommend
a triple portrait by Alma-

the past few. years; and once Tadema, the. heads only of tbe

ail the bustle and excitement
of publicity, far which he also
has so much talent and as little
reluctance, has subsided, we are
left with the undeniable fact
that some remarkably good
pictures have passed through
his hands, and artiste recalled
who but for his interest would
»

f < - '■’T J W*

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'■Ail' ■' :• - ' - fylf.'fjZfr* <-=. •

Three' Graces, with four un-
finished decorative roundels set
into the frame about them; and
also an eminently characteristic
evening landscape by the esti-
mable Scot, Joseph Farquhar-
son. that shows a flock of sheep
and its shepherd advancing
down a snow-filled lane.

-v- ■■ , • r*.

S

'.hlj TOf *

'' ! v

Brecht’s Edward II
at Hound House

John Bardon as Max MHJer

Brecht’s version of Marlowe’s
Edward 11 opens at the Round
House on February 24 in a pro-
duction by Roland Rees for
Foco Novo, the touring com-
pany tfas year celebrating its
10th anniversary. The cast in-
cludes Baxid Dixon, Beth
Morris, Ian Hogg, and Billy
McColl. . ’

The play has been seen only
twice -before an London; at the
Old -Vic ia 1968, and. 10 years
•later, at the Bush Theatre. -

cummings

by b. a. young ’

The Painted Bridge by Sir William Russell flint

The new year begins un-
changed from the old, except
that Radio 1 has inaugurated
something requiring us to
think. The senes ..on
Record Producers winch began
bn Sunday looked -interesting
and it was perhaps no more
than bad luck that the pro-
gramme about Tom Dowd
wasn’t up to much. I liked to
hear about the .first steps in
tape-editing in the forties, even
if Toni’s memory had a way of
letting him down rather often.
But there are some more im-
mediately attractive names
coming up later.

I stayed with Radio 1 after-
wards, when Peter Clayton de-
voted a programme to Hoagy
Carmichael, whom we mourn.
Carmichael was a musicians
composer — a jazz musicians, I
mean — and we had a wealth of
music from players like Bix,
Louis Armstrong, Gene Krupa,
Lionel Hampton and more to
show us how they were in-
vigorated by his songs. If only
Mr Clayton wouldn’t talk such
nonsense between the discs !—
all those superlatives attached
to quite simple. things- But I
suppose- it’s an occupational
hazard for comperes of popular
music, who only too often find
themselves condemned to en-
thuse over something trans-
parently second-rate.

Until I read the small print,
I thought we might get some
mote examination of the pops
from Nashville (Radio A on
Monday), but the name was
only made u-p <to label a pro-
gramme based on the verse of
Ogden Nash. Ogden Nash was
coupled with Kurt Weill Mid
Vernon Duke, and although the
result was pleasantly frivolous.
I didn’t feel it did justice to
NaSh, who was fundamentally a
serious man writing serious
things in ids very unserious
manner, such as his (poem about
the Japanese, which I have no
room to quote. All the same,
Robert Cushman (who used to
do a one- man Nash perform-
ance), Joss Ackland, Lauren
WiHoughby and Nkkolas Grace
gave us an entertaining time,
directed by ' Jonathan ' James-
Moore.

-A .poet of another genre is
e. e. cummings, as we all
obediently write it, though
how we are supposed to make it
sound any different on the
radio X don’t know. Eye, or
rather eye, (which was des-
cribed i as “an. autobiography M
e. e. cummings by david
assm an,” as if ofisman - and
cummings were Gertrude Stein

and Alice B. Toklas. was set as ,
a public meeting where
Mttnimin g<; was lecturing and
the admiring young were ask-,
ink '-him questions.' The poei
delivered. • himself of some
gobbets of philosophy m an*
autobiographical .. vein, - and 1
there were some readings or
the verse.

' The selections from - fee
philosophy sounded surgmaggiy t
pompous, and eltferiy, though .
don fellows (yon [

radio times of irarar^stencyh
- defcvered them wefi enough - 1
The readings from the poems,;
believe it or not, also sounded*
pompous and el derly .^ How
could this have happened? How
could whoever5t-was have read
"it’s just spring, when the;
world is mud, luscious, -when
c umming s .. has taken the:
trouble to write it as “the.
world is mudHuscrous (and cf .
in the , next verse “puddle-
wonderful,’’ - not to znennon.-
“bettyandasbell")?. . - .

Ah, but/ftiere was improvised,
music with a gratefully famaftas:
sound from a vibraphone- How
could anyone stop listening to •
that? It conjur ed th e true-
spirit of e. e. cummings, the
writer, and inhahiter,. of The'.
Enormous Room.

■ Notes on. a couple of Radio 4
plays. The hero of Diary of
Nigel Mole is a thinte ensand - 1

tfcree-q uarter-year-old scirooi-

boy. so Sue Townsend, whot
created him, might have taken ■■
the trouble to find him a new
name, since a schoolboy called
Nigel Molesworth - - romped
through tiie pages cf Punch ,
and into stiff and paper ooyexs ■
-not very long ago. Mole was a.
naive' tittle prig, but Nrcirolasj
Bainw: made .him sound life-1
like and indeed likable in hisi
performance. I can’t Usual;; why 1
an experienced director like
John Tydeman should have ptfti
all that ghastly singing at the
/ end of the programme.

The* Troiu Varmtions, a wild 1

'jparody of fhe tough private eye-
school, set in Glasgow, over-:
steps the bounds of possibility
at" once. . for the characters'
include the President of tibe|
National Union of Witch-Doctors
and a scientist capable erf turn-
ing .one. .person into another.
The detective is called Smwn
Trout and has a doppelganger
called Siegmund Forelle (gedr
dit?). Peter KeHey and RusseH.
Hunter are two of . my favourite
Scots, actors, even after this:'
The author, Lewis Cowen, plays;
Forelle, and the' director;
originally for Radio. Scotland,
is Tom Kimrinmont.

I.

F.T. CROSSWORD PUZZLE No. 4,767

A prize of £10 will" be given to each of the senders of the first
three correct solutions opened. Solutions must be received by
next Thursday, marked Crossword in the top lejf-ftund comer of
t he envelope, and addressed to the Financial Times. 10, Cannon
Street, London, EC4P 4BY. Winners and solution will be given
next Saturday.

ACROSS

1 Lars. for example, to
examine noise of birds (12;

10 Famous old ship used for
everyday crossings (7)

11 Little Irish nurse possibly
used to receiving proposals
(7)

12 Liberal might be bitter about
a particular member (5)

13 Talks idly about pork-pie
' makers (8)

15 Imbued with* ideas and
having varied education,
including Latin UO)

16 Botham opening to sound of
assent— not many of these
scored! (4)

18 For stimulus, ring' gadabout
(4) •

20 Leo trained; . trained as
drawer (10)

22 Turner at Lord's in ortho-
paedic misfortune (3-5)

24 Expwess, say, of Clemens (o)

26 He dispenses articles for the
Church Times, but not
regularly (7)

27 Early market-day in Rome

_^for sister- to take meal 17)

28 Some asparagus by well-
known gardener, old Sling
15-7)

DOWN

2 Topical tropical air? (7)

3 En. Caruso rendering . of
“ Button-Bright "? (8)

4 Scottish Isle yielding three
elements (4)

5 R3 or Rl at him, etc., revolt-
ing? {10)

6 Piece let in as part of col-
lection (5)

7 Playroom for young' Rose-
mary?. (7>

: 8. Tim unfastening King Cole’s
pack (8-5) .• , . ;

9 Bit oF - 'an arch, but hot
thoroughbred, spaniel (5-8)

14 Criminal M-agent? (10)

17 Fast time shown in first half,
but altogether slowing down
in play (8)

19 People who hook should see
■ Lancer’s round (7)

21 IVPM-ish? (3-4)

23 Rough Ir. Sea swell (5)

25 Got the measure' of Martin
Chuzzlewit? (4)

Solution to Puzzle No. 4,766

f Indicates programme
in black and white

BBC 1

9.05 am Swim. 9-30 Swap Shop.
12.12 pm Weather. .

12.15 Grandstand, including 12.45
News Summary; Football
Focus (12.20); Racing from
Haydock Park at 1.00, 1.30
and 2.00, and from Leopards-
. . toyra, . 1.45 The . Sweeps
.."Hurdle; World Clip Skiing
• (1,05). The Men's Downhill

- ■Cram Marzine; Rugby Union

(2.10) The Barbarians v. The
*- Australians; 3.45 Half-time
football scores, reports and
news; Table Tennis (S;50)',
Norwich Union English
Open Championships plus
Tennis,- Barratt World
Doubles Championship -aod
Darts, Embassy World Pro-
fessional Darts Champion-

- ships; 4.35 Final Score.

5 J.0 The Ail New Pink Panther
Show.

5.30 News.

5.40 Sport; Regional News.

5.45 Kung Fu.

6.35 Jim’il Fix It.

7.10 Nanny starring Wendy
Craig.

8:05 The Two Ronnies.

8-.50 Dallas.

9.40 News and Sport
9.55 Match of the Day.

19.55 Parkinson with guests
Placido Domingo and
Jacqueline Bisset.

1L55 Tennis: Barratt World
Doubles Championship.
REGIONAL VARIATIONS:—
Cymru /Wales — 5.40-5.45 pm
Sports News Wales.

Scotland— 5.40-5.45 pm Score-
board: Sports round-up. 9.55-10-55
Sportscene. 1255 am News and
Weather for Scotland.

-Northern Ireland— L5 5-2. 40 pm
Racing from Down Rpyal . (opt-
out. from- “ Grandstand");. 5.00-
5.10 Scoreboard; 5.40-5.45 . Nor-
thern Ireland News; 1255 am
News Headlines and Weather far
.Northern Ireland. •

England— 5.40-5.45 pm (South-
West only) Saturday Spotlight.
9.05-9.30 am (North-West only)
Grange Hill Christmas Special.

: 4.30 Saturday Cinema (2)
' “ Some Will, Some Won’t ”
starring Ronnie Corbett,
Thora Hird . and Leslie
' Phillips. •

' 6.00 Darts: The Embassy
. . World Professional Cham-
pionship.

7.0b News and Sport. '

7.15 Did You See . . . ?

7.55 One Hundred Great Paint-
ings.

8l05 Joan Sutherland. ■

9.05 FHm International:

“ Mon Oocle d’Amerique ”
(French film with English
subtitles).

11.05 The Light of Experience.

_ 11 . 20 - rtews 'onY 2 r

1L35 Darts.

+1L55-L30 am- Midnight Movie:

. .“Broadway," . . starring
“ George' . Raft 1 ‘trad Pat
O’Brien.

GRAMPIAN

9.00 am Sesame Street. 10.00 Joe

80. 7.4S pm -Magnum. 12-00 Reflec-

tions. 12:05 am Di "

Jolly.

GRANADA

9.20 am Spide/man. 9.40 Thunder-
fairda. 7.46 pm Magnum. 12.10 am Lou
Grant.

HTV

What I Like (S). 1.00 pra News. 1.05
Music (or Viola da Samba (S). 2.00
Play It Again (S). 5.00 Jart Record
Requests with Peter Clayton (S). 5.45
Critics' Forum. 6.35 Violin and Piano
ractel (S). 7-30 Concert from Leeds
(SJ. part 1. 8.05 SirlSawain in Read-
ing. 8.2S Concert, part 2 . (SJ. 9J30
L. H. Myers (S). 10.05 Athena
Ensemble (S). 10.30 Beowulf (last of
31* readings from the Old English
epic poem). 11.00 News. 11.05-11.15
Glazuno. (S).

9.10 am The Adventures of Black
Beauty. 9.36 Thunderblrds. 12.13 pm
HTV News.- 5.14 HTV News. 7.46
Magnum.

HTV Cymru/We les— Aa HTV West
except:— 4.10 am-9.35 The Book Tower.
5.15-5.45 pm Ras Sgwar.

RADIO 4

SCOTTISH

9.05 am. Vicky The Viking. 9.35
Thundertoirds. -12.00 Midnight Late Call.

TSW

LONDON

8.35 am , Sesame • Street. 9.35
Thunderbirds. 10.30 Tiswas.

12.15 pm World of Sport: 1220
On the Ball; 12A5 World Cup
Skiing; 1.15 News; 1.20 The
ITV Six from Kemp ton and
Warwick; 3.00 Show Jumping
— Martell Cognac Champion-
ship; 3.45 Half-Time Soccer
News and Reports; 4.00
Wrestling; 4 JO Results.

5.05 News.

5.15 The Black Abbots.

5.45 Game for a Laugh.

6.45 The Goodies, starring Tim
Brooke-Taylor, Graeme
Garden and Bill Oddie,
with David Rappaport

7.15 Family Fortunes pre-
sented by Bob Monkhouse.

7.45 Hart to Hart

8.45 News.

9.00 “ Gator,” starring Burt
Reynolds, Jack Weston,
Lauren' Hutton and Jerry
Reed.

1L00 OTT.

12-00 LWT Weekend News,
followed by Johnny Car^
■son’s Tonight Show'.

12.40 am Close: Personal Choice
with Steve Race.

9.25 am The Saturday Show. 10.25
Survival. 10.50 Gua Honoybun's Magic
Birthdays. 10.55 The Incredible Hulk.
11.45 University Challenge. 12.12 pm
TSW Regional News. 5.15 Mork and
Mindy 5.40 Newsport. 7.45 The Fall
Guy. 12.00 yidao- Sounds. 12^30 am
Postscript. 12.35 South West Weather
and Shipping Forecast.

TVS

9.00 am Saturday Briel. 9.05 Here's
Boomer. 9.35 Thunderbirds. 10.30 No.
73. 11.45 Benson. 5.15 pm TVS News
and Sport. 5.20 Mr Merlin. 7.45 Mag-
num. 12.00 Company.

TYNE TEES

6.25 am Shipping Forecast. 5.30
News. G.32 Farming Today. 6 JSO Yours
Faithfully. 6.55 Weather, programme
nows. 7.00 News, 7.10 Today's Papers.

7.15 On Your Farm. 7-45 Yours Faith-
fully. 7.50 It's A Bargain. 7.56 Weather,
programme news. 8.00 Nevus. 8.10 To-
day's Papers. 8.1G Sport on 4. 8.50
Breakaway. 9.50 News Stand. 10.06
Talking Politics. 10.30 Doily Service
(S). 10.45 Pick of the Week (S). 1135
From our own Correspondent. 12.00
News. 12.02 pm Money Box. 12.27
The News Quiz (5). 12 Weather,
programme news. 1.00 News. 1.10 Any
Questions? 1.55 Shipping forecast. 2.00
News. 2.05 Thirty-Minute Theatre. 2.35
Medicine Now. 3.05 WIldDfe. 3J0 A
Chorus-Master Remembers (S). 4.15
The Plant Hunter. 4.30 Doss He Take
Sugar? 5-00 Novels up to Now. 5.2S
Week Ending (S). 5.50 Shopping Fore-
cast. 5.55 Weather, programme News.
6.00 News. 5.15 Deeert Island Discs
fS). 6.55 Stop the Weak with Robert
Robinson. 7.35 Baker's Dozen (S).
8.30 Saturday Night Theatre (S). 9.58
Weather. 10.00 News. 10.15 Breaking
the Bottle. 11.00 Lighten our Darkness.

11.15 A Word in Edgeways. 11.45 On
The Tram to New Zealand. 12.00 News,

9.00 am Cartoon Tuna. 9.10 Wheelia
and the Chopper Bunch. 9.40 Thundon
birds. 12.13 pm North East News. 5.15
North East News. 7.45 Magnum. 12.00
House Cells. 12.30 am Three's Com-
pany.

BBC RADIO LONDON

ULSTER

10.00 am Stinqray. 1.18 pm Lunch-
time News. 5.00 Sports Rea alts. 5.13
Ulster News. 7.45 Magnum. 8-59
Ulster Weather. 11.10 Mork and Mindy.
11.30 Bed Dm a..

5.00 am As Radio 2. 7.32 Good Fish-
ing. 8.00 News, weather, traffic, sport.
8.15 Weekend Whet’s On. 9.30 Open"
■ngs. 10.02 Ati That Jazz (music, by
Bill Evans and Kenny Clarke!. 11-30
The Robbie Vincent Show. 2.02 pm
Breakdirough. 3.30, The Great Com-
posers. 5.00 Guideline. 530 Quest.
8-0-5.00 am Join Redid 2-

YORKSHIRE

LONDON

BROADCASTING

8.00 am The Saturday Morning Pic-
ture Show: -V. Barrio Beneath the Earth."
7.45 pm Magnum. 12.00 That's Holly-
wood.

• All - tBA : Regions as. London
except at the following tijnes:> —

(5} Stereophonic broadcast
(M) Medium wave

ANGLIA

9.00 am Sonoma Street.' 10. 0O Sport
Billy. 7.46 pm Magnum. .12.10 am At
the Endof tile Day.

RADIO 1

BORDER

BBC 2

9JS am Thunderbirds. 7.45 pm
Magnum. ' 11.00 The Entertainers.

10.KM1.40 am Open University.
v2.4Q pm Saturday Cinema (1)
• “No Kidding" starring
Leslie Phillips, Geraldine
McEwan and. Julia Lock-
wood.

.4.05 Play Away:--

CENTRAL

5.00 am As Radio 2. 7.00 Playground.

8.00 Tony Bleckbum with Junior Choice.
JO .00 Peter Powell. 12.00 My Top 12.

1.00 pm AdriBn Juite (S). 2.00 A King
in New York (SJ. 2.05 Richard Skinner
(SL 4.00 Welter’s Weekly (S). 5.00
Rock On (S). 6.30-7.30 In Concert (Sj;

7.00 am AM with Jinny Lacey end
.Magnus Carter. 10.00 • Jefiybon© with
Rosie Kempsxon. 12.00 LBC Reports
with Dbb Fahy. 1.00 pm Spomwatch
with Dominic Alien. 6.00 LSC Reports
with Des Fahy. 7.00 Geet Mate. 8.00
Network. 9.00 LBC Special: Travel
'82 with Greg Strange and Tim O’Mara.

10.00 Nigh dine with The res* Birch.

1.00 sm Night Extra With Stove Alien.

4.00 Hayes on Sunday. 4.30 Decision
Makers. 5.00 Morning Music.

CAPITAL RADIO

9.06 am Pslnt Along with Nancy.
#-30 Sesame Street. 7.45 pm Magnum.

CHANNEL

5.15 pm Mart and . Mindy. 5.40
_ Puffin'* PM(i)ce. .7.45 The Fell Guy.
12:00 Video Sounds.

CBBIWB1R

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□ ml

SOLUTION AND "fflNNEKS
OF PUZZLE No.. 4^761

TIHIEIRIM

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[0|V|E |R
hieIaIpi

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■|N{£|R|A|T|E|
PNMINMSafRl

IIt{hIsi7W

Mr r -G. C. Couuseil, 15 Arms-
- croft' ‘‘ Crescent, Gloucester
GL2.0SU. - -

Dr J. V. Summerirayes, The
Spinney, Heath, Hiss, -Cam-
. biexley,- .Surrey! . ; . ... ..

Air A: Jl Lander,-. 15. Jtushdiffe
.' Road, ‘fSr a'n fham y ' Uinr^L ~ • ' -

RADIO 2

5.00 am Tony Brandon with Tho Satur-
day Eeriy Show (S). 7.30 David

Jacobs with Star Sounds (S). 9J0

Pete Murray's Open House (S). 11,03
The Magic of Kenny Everett (SI. 1.00
pm Getting the . Most Out of Your tfody.
1 JO Spon on 2: Football: Rugby Union:
Barbarians v Australians: Tennis* Re-
ports (ram the' Watld Doublas Cham-
pionships; Racing from Kempton at 2.0
end Z30 Totworth Hurdle; 5.00, 5.45
Classified Results. 6.00 Country Style
with David Allen. 7.00 Beat the Record.
7.30 Big Band Special with the Radio
Big Band (5). 8.00 Saturday Night is
Gala Night (S) (Pert T). (Pan 2} g.oo
10.00 Nordrmg 80. (S). -11.02 SpurtB
Desk. 11.10 Peter Marshall's Lam
Show (SJ. 2.00-5.QQ Om You and tho
lVlghi and the Music (S).

7.00 am Graham Dana's Breakfast
Show. 9.00 Countdown with Peter
Young. 12.00 Dave Cash's Cash
Country. 2.00 pm Duncan Johnson's
Ahem Dan Dell girt. 5.00 Greg Edwards's
Soul Spectrum. 8.00 The Sounds of a
City. 9.00 Capital Ha-Cap with David
CaetaN. 10,00 Roots Rockers with David
Rp&gsn. 12.00 Midnight. Special—
Phil Allen.

RADIO 3

, 7.55 am Weather.- 8.00 News.- 8.05
Aubade (S)„ 3.oo News. 9,05 Record
Review (S). 10:15 Stereo Release (S).
11.16 Bandstand (5), 11,45 I Know

CHESS SOLUTIONS
Solution to Position No. 405

(c) The game went .1 1R-R3,
BxP; 2 BxN, BxNP; 3 R-K5I
so that if BxN 4 R-K7 ch and
5 RxB (QB7) wins. Black
therefore- stayed a piece down
and resigned a few moves
later.

Solution to Problem No. 40$

1 B-B6 (threat 2 Q-K4 mate),
PxB; 2 K-B2 (threat 3 BxN);
R-B6; 3 Q-K6 mate. If 1 . . .
KxN; 2 QK4 du NxQ; 3. B-N5
mate: 'A' near miss is l’K-B2?
R-B6; 2 B-B6, H-K7L

THEATRES

ADELPHI. S CC 01-836 7611. J POYLV
carts ter 15 week* only with 7 «««

LKIB lor tar wcwiu uu.y '."VT

by GILBERT 5 SULLIVAN. 4«n 4. 5. 6
HMS PINAFORE, don 7. a. 9 TOE

MIKADO. E*e» 7.30- Mats

2.30. Credit card hotline 01-930 0731,.

ALBERT. Matinees oafy. S 836 1071-3962
Cabo group bleqm. Credit card mIct
379 6565-930 0731. DRACULA OR A
PAIN IN THE NECK. A Family Show
With a .Bite. The Ndw Vie Theatre pro-
duction. Directed by Michael Bogdanov.
Moo-Toe-Wed-Fri at 230 pm 6 Sot at
11 am. To age IB all Mate £3-90. MUST
END SAT 16 JAN.

ALBERT. S B36 3962. CC X79 6S6S-
930 0731. Grp bkos 839 3092-628
3962. Evgs 7J0. Thun 5 Sat Mat 5.00.

WINNER OF 3 NEW Ploy Awards SWET

1991. TREVOR EVE Actor oT tbe Year.

ELIZABETH QUINN Actress of the Yoar.

CHILDREN OF A LESSER GOD. PLAY
OF THE YEAR.

ALDWYCH. 5 836 6404. CC 379 6255.
(10-6. Sats 10 -*). Into B36 5332-
ROYAL SHAKESPEARE COMPANY In
London Premiere of- Schnltzler's LA
HONDL Seats avail for low price
previews tont 7.30. (This play is about
wucual relationships and Is not sottabla
for children). Next pert RICHARD ill
Jan 13. Presrel 22025. Group Sales
379 6061. RSC also at The Warehouse-
Piccadilly.

AMBASSADORS. S36 1171. Eves -8. Mats
Tins 3 6 Sat 5. Tkts ££. £5. £4. £3.-
ROSEMARY LEACH. DAVID SWIFT. 84
CHARING CROSS ROAD by Helene Han IT.

APOLLO, Shaftesbury Are. 5 CC 01-437

2665. FOR A LIMITED SEASON ONLY.

KEITH MICHELL. TWIGGY. ELEANOR
BRON. JEREMY LLOYD In CAPTAIN
BEAKY’S MUSICAL CHRISTMAS. Perts
dally 2.30 & 7.30 pm. Prices £1.50 to
£6.00. LAST Z WEEKS. MUST END JAN

■ G»

APOLLO VICTORIA (opp Victoria Stn).

THE SOUND OF MUSIC PETULA CLARK

Ere* 7J0. .Mats Wed & Sat 2.30.
Bpx Otbce 10 am-B pm In peraon-
phOBe-post-SAE. SPECIAL HOTLINES
2l^3!L,^J B6QS -S: 7 - CREDIT CARD
M19-61B4. TELE-

DATA (Instant 24 hr conltrmed) Credit

0200. GROUP
?ALES 01-379 6061 . GROUP BOOK-
INGS 01-839 2751. LONDON'S

^ft T ISJt A yi£- SEATS from «.sd:

seats now AVAILABLE MON-
THURS. Booking to May 15 1982;

GARRICK. 5- CC 01-B36 4601. NO SEX
PLEASE WE'RE BRIT13M moves hero,
from Strand Theatre Monday Jan IB.

GLOBE. S CC 457 1 592. 439. 677°^7Z2-
Eves 7.30; Mats Wed Z-OJ*;

THE M1TFORD GIRLS. LAST NIGHT
TONIGHT. - ' .

GLOBE. S CC 01-437 1 592. 439 6770-
6779. PASS TOE BUTLER by Eric Idle..
Directed by Jonathan Lynn. Prevs from-
■Jen 20. Ooeos Jan 26 at 7.0. Mon-
Hiur 8.0. Fri & Sat 6.0 &-8A5. .

GREENWICH. 5 CC01-8S8 7755. Even-
ings 7 MS. Mat Sats 2.30. Sheridan's
THE SCHOOL FOR SCANDAL. *

HAYMARKET THEATRE ROYAL. 930
9B32. Direct- from Broadway retwn to
.London lor en evening with DAVE
ALLEN. Eves Mon-Sat 8.0. Due to un-
precedented demand for. tickets season
extended bat mast terminate Feb 6.
Opening February 11 at 7.0. Red nerd
price previews from Feb 9. Subs • evos
7.30. Mrts W«kS 2JHL Sats 4.0. PENE-
LOPE KEITH- ANTHONY . QUAYLE.
TREVOR PEACOCK In HOBSON'S CKOICT
A comedy by Harold Brigtwuse. Directed
by Ronald Eyrp. Advance box onto open
now.

HER MAJESTY'S. 930 6606-7. CC 930
4025-6. Grp sales 379 6061. Eves 7 JO;

Sat Mats 3.0. FRANK FljNLAY. In tbe

National Theatre's multi -award winning

. International Smash Hit AMADEU S br»

PETER SHAFFER. Directed by PETER
HALL.

KINGS HEAD. '226 1916. Mon to Sat.

Dnr 7. Show B. PLAYING THE GAME

A -comedy, .by Jeffrey -Thomas.. . . ...^

LONDON PALLADIUM. 01-437 7373.
MICHAEL CRAWFORD Id the Broadway'
Musical BARNUM. Evas J.3V. Mats
Wod and Sat Z45. Use the Barmm

Hotline 01-437 20SS. 01-734 8861 for

Instant credit card reservations.

LYRIC 5 CC 437'- X6BE. "Grp bags" 57S
6061. Eves 8 .0. M at Wed 3.0. Sat S-TS.
RICHARD BRIERS. PETER EGAN. Richard
P«mj. Rri Ktywood. Aim Krtgc dn
BERNARD SHAW'S ARMS AND THl
MAN. ah« Krioe Most Promising Neyi-
comer 5WET. A WARDS -1981.

01-741

C olU R, ? e ^. THEA I Re - 01-836 1488.
Party bookings 01-836 2379. Jon

EKJ'XS; U ,"* STUBB3 4 GBOFFRi?

In WORZEL GUM Ml DOS.
3^*0. Until Jan 16. Jan
W«*. Ttrnrs. Sat

Srt?'2J0» 1-13 EV “ 7 ' 30 ' M>l * WteJ 51

J^_COCHRANE._ 242_ 7040. iaat-2 Parts
i Aren's Music

Thestra THE LEAVING OF ' LIVERPOOL .
COLISEUM. S 83B 3161. CC NO '52JiB
OPBRA - Tonight:
I"”? TJW: LA TRAY I AT A. Toes. Fri
AU?a D JL TLEOERMAUS. W6d 7JX:

"1 If 34 , balcony seats avail from
IP am on day. . .

THEATri. 387 9S29. CC

SnT 1 t Sr 2 PBrtl today

Moiii»«r S iv.j5 L ? C -McGOWAN, LIBBY
In SF^T. * Ronm« Stevens

in Gilbe rt and Sullivan's HMS Pinafore,

*ir!U IE ?T THEATRE, 5 CC 930 .2378.

379 6061.. Moo -Fri RJldTsSt

stumm? ti*ot suitable for children).

OF , The YEAR Swat Awards
HAije - 1 E nio» ore-show

Ess?, E ,sg pl *:* Kr _ fQr ^

t Sa™i T Cr 1 10 M S C Garden-

6902). 65- Omohiseats

ftTv nf ..... .10 »m dn-.the

i^Fri ROYAL OPERA, fon't

&J2LX « T 75a* l iI' S0 C pte!

bv^WHHj" 0 Domingo la replaced

as ssssjsr-"™"-

3 «?-.CCJ»79 GS6S.

^WONT ' “pa™** ^ CAN ’ T

aa-i?*

murfM

9X&;C&Sr*i r 'ISS£Ji

gggwl«sss-

K?" *° w* Fri:* set 6 - 6 . * om.

cTbb amis* .**** on - ' E2-30.. £3.50r'
V^ , EnSf’ 0O - - Low « t Wcket. P.'fc-Trif

' S,CC 836 -4601.. MARTINI
END^JAN 5 ’l£ 1 ' Sit aMS ^ &JQ. -MOST

LYRIC HAMMERSMITH. S CC ui-r.i
f 31 - 1 ' ®OLAM. SIMON CADBO.

* NKSBY IN .OU* KKING the «torv
of A1AODIN. Evn- 7.30. Tbur A -Sat

Ink 7.j D.

Ij TOC STUD IO; Mon to Sat B pm. THE
ASCENT OP. WILBERFOBHOB HI.

Mayfair: s cc ni^aa -'witt. 1 l air

week. Dally 10.M ml io J lql
SOOTY’S XMAS SHOW.

MAY FAIR THEATRE. 629 3036 fnr.
ggjyffc robe}. Today 5.00 & 8.00,
NomlnMd most promising nawc om ar

iaJXtPL J DIE MY NICHOLAS la

' JEROME K.

T™EE MEN IN A BOAT by JEROI
JEROME. LAST TWO PERFsT • • •

M SMs A rr « EC< - 01 -236

IS,?- C C OM30 0731. 01-236 S324.
Parking adjacent. TOM BAKER In

■.EWTS TuSr-n^

Fri at 3.0. Wed A Sat at 20 3 5.0.

'oSS? , w ln c lts “Sraty Iplease be
r p ,r?. m iv J Pm start — regret Jata-
E2SJ!!J!« stand 'U1 IntorvaJ)^

fnroacenlurn stage): Today

S5?°l£n 7 1 m THE “ ZLE

{ynail judhcorln m l ow. Brice
rjg ONE WOMAN PLAYS

seats day, of perf aU-3
bomiT before

«8 2033.-

NT also at HER .MAJESTY'S. ,

♦•asc

fclnw.® 0 *"* '**“ for " fw

■XSA^ -: ^T^rAND INC “’cHQREQu:
^■Additional .Ja* oaice tmt

Y.

n5t« TJ^Sentre .

2n3 v t ?i rSfl?[.i pir1 ^ .9Y ratums. Pcracmal
MARCH f ?JUN E.“ W S n ^CO^S ! ^ d ^

oH?

3092

.An

K? 'Mat'wro

NOW BOOKING

(Charbre Cross RpmO
■»«- Pri- * Set
■-O Sfi.Mb'.'TIHII THE GREAT

tastA

.-bra ptraon al service- avgiiabigT ^7 T

SaSSSS

“raelJ'a ‘Ww'rom^ianKXriNG mt/X
W tie- Year SWET Awards

S'*,

«.*i

AThura sfj). ...

END- JAN 23.

f I TOfTaS ilV*. ciT ,

• -J-. '-'-ri

r~ris^;x-

V-i.

■

V

Xf

. J^pap^al piffles Sateday. Jaasiaiy. ft 1932

COLLECTING

11

S*

the weekend

BY; J«3ME HELD

■*•«■

x

•X

’ ^10 had run three miles across as the original one was too

4 alai J sil with the Holy heavy. With dark red Italian

• Fathers (or Brothers) at Am- paper-covered boards, ft was

Sf r if y *' ' * ’ Aild how a printed with a wood-cut pattern
^ mite cofcnffysKle. euersorwr Blake engraving was the whole also used for the endpapers.

We S^nnhi w'.nfiir ^ ■ ■ “ ■ ' ' f®? 810118 „ at that A number of superb textures,

. moment! ». patterns and colours 'were

Wnttrfl Si«i iw-riwiLi* , The picture comes to. life in worked out for the books, **««. * *,

» n A History of the Nonesuch remarkable considering MeyneU Beckford's Vathek, 1929, with

ine w .£ ? i *r ef W' Moon, iw» Press, by John Dreyfus, with an was partially colour-blind. He illustrations by textile designer
THE ■ 'FIRST - BftmesUcfa Press introduction by Geoffrey is said to have once bought a Marion Dorn; the book is a joy
Week-end Book’ r was'typic^ Keynes, and a Descriptive Cata- suit in New- York, only to diis* to handle, with its pale grey
« toe persoraai pi^e^^ logue by David McKitteriidc, cover when unpacking it that it mottled Van Gelder paper,
tts instigators', <foree-iiines mar- Simon Rend ell and John was bookfie's brown, and not the marbled end papers, and rich
ned PramdsJ ;Mejmdl ■ (1591- Dreyfus. It is a handsome, beau- banker's blue he had thou^it.

1975), audfesecorsd wife Vera tifully produced - book limited He bad remarkable gifts for

the two volumes of Don Quixote
tie la Mancha reprinted in an un-
limited edition in 1930 with illu-
strations by E. McKnigftr
Kauffer. £75, and one of the 110
sets published in 1928 of The
Works of Sir John Vanbrugh,
£150. 1 recently bought William

title

Mendel,.' wfao wanted so. all-
purpose' book to. take on their
wa&ting touts. . .

Nonesuch* &.■ --name - taken
from ifie TudOr 'Na nesadh
Palace, .-wbh^’Bemr Vm started
to build -in- 1538 in Oheam,

to 950 numbered copies, which _ .
must now be considered the aMboush in a

definitive work. Detailed are the

years before Nonesuch, -and the
prosperity of the Press until the
1930s depression, ' the rot
already setting in with the Wall

display, tod.
! The Typography

tan-coloured cover, the
gold-blocked in Arabic.

The Basilisk Press, founded
in 1974 by Charlene Gairy to

of Advertising" lecture given specialise and produce in fine
at the Stationer's Hail in I960, quality previously unpublished
he deplored the use of -the word material which originated in the
typographer, and the fact that 18th and 19th century, has just
he bad evert been called in produced its third catalogue of

— , _ ■ — ~ — uu OI/LLUi>, au IPitLU- »» mmmMt # - A ,

Surrey, was founded m 1923 by street crash of ‘ 1929, with P nnrt i Arrartypograptoer: “What private press and limited edition

theMeynefls in partnership with Meynell writing to his American aroh-toorraMe word. In my books, primarily hand-made,
David Garnett, who died last distributor, Bennett Cerf: “ rm
Febraaiy, More Shades . off not going to look at a financial

**** ^because report from Wall Street for two
aEIJnough, the MeyneHs were years. Tin giving up my sub-
never actually p art of the group, scription 'to the Financial
thear -esreto of friends over- Times. 1 ’--' “

Illustration from Nonesuch Press
“Gloriana's Glass " produced for
Queen Elizabeth IPs coronation,
from “A History of The Nonesuch

Press ” by John Dreyfus, just

published in a limited edition of 950

ea

-ri m

.1 "

- **

lapped, wife Garnett's friend
Duncan Grant (whose daughter
Angelica, by . Vanessa Be® . Later
became. Garnett’s setxrodwife),
tfieTMxly member off toe group to
•wos* forNdnesucai.

Nevertheless,: ; the' Meynells
had - a .* somewhat similar
charisma. In Great Friends,
1979; .Garnett described bis

The Jaustaess passed into
American hands in 1936, but
with the hdj> of Max RetoJraxctt
of TheBotHey Head, Sir Francis
(he wan -farigfated an 1946 far
Ms war-time " services to the
Board of Trade) was able to
resume ownership in 1953.

The varied output over the

xoia, . VJCUUCU aeserzoea nis ____ i_Ji uwna

meeting with the &±i]y in Sus- JSSSwSfrtffiSS EU' ? os !f a 5 d i? Itete ?

sex in 1915: “Wilfred Meynell,
the Patriarch, was "rustling the
pages of the. Observer, the room
was full of dark, madonna-like
girls, and women, the Poetess
(Francis’, mother, Alice), lay
stretched upon a couch . . ^
(when) a tail, handsome young
man came eagerly into the
room.: It was Francis MeyneU,

oha-nMng tittle, exhibition (now
dismantled) put on recently by
Frank Coils eson a t HefEers
Bookshop, Cambridge, Much of
fhe material came from Dame
ABx, Sir Francis’s widow. It
included the first Nonesuch
book. The Lore Poems of John
Donne, printed In 17th-century
Fell types, with a new comma
designed specially for the book

young days we used to call it from many countries. It makes
lay-out” delightfully appealing reading,

Nonesuch was not technically ^tth its pertinent observations
a private press, where in the on the books, their authors and
purest sense, fine books are producers.

® f A first work by artist/poet Standard copies are in an edl-
atahorate machinery, but as Mr p ene iope Sitwell of the legen- tion of 125. in parchment bound
pubbsher dar y Uter ary family. Green Song.
fPMrii * ng in finely printed from opal Press has “ a
bookSi points out. The reason russett-coloured binding:" Adam

and the Sacred Nine by Ted
Hughes for his sister Olwyn’s
Rainbow Press is in “smooth,
light blue calf with smashing
blue patterned endpapers," £50;
while Harold Keene’s translation
of the 13th century An Account
of my Hut from the Banyan
PTes3, Vermont, US, is in a
wrapper of Japanese rice paper
incorporating seaweed, £10.

Prices vary from this amount up
fdr the collector. For instance to £1.000 each for 25 copies of
John Byrne at Bertram Rota has Basilisk’s own Epithalamion in
The Miscellaneous Poems of Japan vellum bound in full
Andrew MaryclU -at £21 (850 at leather to a design created by eight-page section on Epiffwla-
ins-copies were printed in 19231, Blair Hughes-Stantnn 50 years mion.

Radical

German

success

MOTORING

STUART MARSHALL

The WBZ'Sdj’occo GL; ultra long-legged for relaxed and economical
motorway driving

100 mph, which- it will hold on irritating. On the other hand,
the autobahn continuously, the there is satisfaction to be had
Sdrocco feels as relaxed as a from making sure the warning
car - of twice its engine size, light does not come on and that
There is very little mechanical ‘the needle keeps to the frugal
noise. The admirable aero- side of the gauge. It certainly

TO MANY an enthusiastic
owner, the idea of anyone
trying to improve on the
original Giugiaro designed VW
Scirocco must have seemed: like
painting the proverbial lily.

pays off at the filling >5131100,
where a light footed driver finds
the S.9 gallon tank gives a safe
refuelling range of more than
300 ntiles.

There is ample leg, shoulder

for 'employing a compositor and
owning equipment for setting
and printing by hand was mainly
so that Francis could experiment
at leisure with specimen pages
fefr . Nonesuch books later com-

In his first prospectus MeyneU
declared his aims to be “signifi-
cance of subject, beauty and low
price."

Nonesuch - books are around

after he first printed the book.

rose paper over board with
leather edging, £200. A special
illustrated prospectus lists the
background of this dramatic
" Hymn to Marriage,

• John Dreyfus A History of
fhe Nonesuch Press distributed
by The Bodley Head. £115. plus
£2.25 postage, in stock at Bert-
ram Rota. 30 and 31 Long Acre,
London. WC2, and Heffers Book-
shop, 20 Trinity Street, Cam-
bridge, CB2 3NG: Basilisk Press
and Bookshop Catalogue, £4
including postage from Michael
Taylor. The Basilisk Press. 32
England's Lane, Hampstead,
NW3, who will also send “ a free

fr om Oman

STAMPS

. JAMES MACKAY

” ' (demonstrated that the fabled
..voyage of St Brendan to
America by leather boat could
have' taken place, has just re-
traced SfodbaxTs route from
Arabia to China in a -boom dhow
at mediaeval construction. The

■ , _ . .- , ship, called the Sohar after

THE VOYAGES of Sindbad -the sinctoad’s birth, place; was com-
sailor may seem .far removed m^ginn^ from -the dhow

on an island which turned out
to be the back of a while. Sad
to say, the Sohar expedition
found no evidence of whales -in
the .northern. Indian Ocean
although it is now declared an
international wbqle sanctuary.

Nevertheless the voyage
proved* of immense scientific
value, testing aiso the validity
of the Sndbad story and the

historic visit to the Galapagos
Islands fin September / October
1835. It was there that the
ship’s naturalist, Charles. Dar-
win, observed the way in which
various species of birds and
animals had adapted themsrives
to the \>e£ixliaritiies of their
environment which gave him
the ideas he subsequently
developed in the Ongin of
Species.

On October 20, 1S35. the ship
left the Galapagos and travelled
westward across the Pacific by
way of Tahiti, New Zealand,

Australia, the Cocos Keeling
Islands, Mauritius, the Cape of
Good Hope, St Helena, Ascen-
sion. Brazil, the Cape Verde
Islands, and the Azores, reach-
ing Falmouth on October 2,- sive. Ecuador issued a set of

(26p). and prehistoric skulls
(29p).

It is likely that the 150th
anniversary of the voyage of the
Beagle will result in the issue
of stamps from the countries
visited by Darwin. Already a
set of three stamps and a mnia-
ture sheet have been issued by
the Cocos Keeling Islands on
December 28. Darwin, the
Beagle and specimens of fauna
and flora associated with his
visit are featured on the
stamps.

Fortunately for those think-
ing of making a collection of
stamps devoted to Darwin, the
previous issues are few in num-
ber and still relatively inexpen-

of the route.

A scientific expedition also
forms the subject of Britain’s
first set of 1982 to be issued

1836. Darwin later published
his journal of the voyage, which
became one of the great “ best
sellers” of the 19th century,
and followed it up with his
Theory of Evolution, published
in 1858, and his books The
Origin of Species and The
Descent of Man. He died in
April ISS2, so it is fitting that
the British Post Office should

•far fetaied tities reawmted‘ by posftibn-'with ikbout^SO metres ct ^° im ^ nDr . 3le 4 * he

the fegendaiy -wanderer in The cocoput fibre. 'rope and- an- Teceatiy- -by. issuing a

Arabian Nights': and: b'avejcbmfe other four tswnes of rope, hand SaLiMM *J W AfS fl ® s
to the conclusion that many, of ma de from about 75,000 husks,
tijem Had a sound -basis intact, were - used, for cables and

They also lie behind: a new issue hawsers. The Sohar, propelled Sollar 311(1 a

of .stamps by the Sultanate of hy two huge sails, was built by
Oman. . ' ' 32. shipwrights -who achieved

According* to legend, Sindbad tolerances of less than a miU-

■was a’ ‘ wealthy ' merchant of ™«tre with the simplest of tools, Februarv 10 It celebrate* ^ ommi rosi uuac »nuum
Basra-wto recounts his youfhfui ■ J^ h 2°^? n 5^na^eHSn yW ^ ere iihe ■ 150Lh anzrre-Sary of the issue stam P s in toe centenary
*dv«toes. .^Some * hjs «- » the dup s conaructum. SBOl'toSertteh JSLS? JSt

counters, with tiie giant Roc with a scientific team and had been commissioned in 1831
■who can fiy-.w ra an an eight- man Omani- . crew, to complete the survey of

an Jus embarked on the voyage Patagonia and Tierra del Fuego

wi»ch was sponsored by the begun by Captain King in 1826-

Omand Government to .celebrate 30, to survey the coasis of Chile

the aoaiversary of the and Peru and to carry a chain

2 SuQtana-te. The Sohar took the of cbronoroelrical measurements bur ®h.

“sak and spice ” . route, around the world. The Beagle, .The stamps have been de

(ttougist to be me ^oaman J j own ^ jAsA^oasr coast into a fen gun brig, commanded by signed by David Gentleman and
Islands), and .. the Indian Ocean past Kerala Captain FitzRoy, left Davenport portray Darwin in old age, with

“ lndia and Sri Lanka -and on December 27 1831. For most his signature at the top and
^ ^ across the Pay of Bengal to of the -ensuing four years the flanked by fauna associated

rung ■ .‘ nape a rm 5 01 Somatza and nontkwards to Beagle sailed hack and forward with his travels and career.

“ n “ L ... Hong ' Kong” and China. In around She cozs&s of South - The motifs are giant tortoises

Tim Seysm, who previously Sindbad’s first voyage he landed America, cu lmin ating in the (154p), iguanas (19Jp), finches

six in 1936 to mark the cen-
tenary of his visit to the Gala-
pagos Islands. The German
Democratic Republic issued a
10 pfennig stamp In 1958 to
celebrate the centenary of the
publication of The Theory of
Evolution, and the following
year both Romania and Russia
issued stamps in honour of the
150th anniversary of his births

dynamics also ensure that wind
roar is minimal.

One doesn’t normally buy an
elegant coupe if squeezing the
last mile out of a gallon of

petrol is a high priority. -But

But the radical restyling this getting a consumption of close and hip room up front. Rear
sporty two-plus-two has just to 40 mpg from the Scirocco passengers are less cramped
undergone must be rated a total doesn’t compromise driving than they were in the former
success, pleasure. It is a car one is Scirocco but it is not a car in

The 1982 Scirocco, newly instantly at home in.' A friend which four adulls would will-
arrived in Britain, is four inches m *ne who has long lusted ingly embark on a long journey,
longer, has nearly two inenes ***&* a Scirocco ‘tried my test The front pillars are rather
more headroom but looks just car. After 10 brisk miles on a thick; although the single wiper
as sleek as before. It is faster winding local road be turned to
(due to improved aero- me and said he felt as though
dynamics) and, in. one version at he had been driving his own
least, astonishingly fuel effi.- familiar car, not one he had
dent. The official figures for never sat in before,
the Scirocco GL 1.6 with the i knew what be meant
4+E economy gearbox tell the because this “ at home ’* feeling

is typical of all the new genera-
Won VWs. ‘ The controls are
well placed and smoothly effi-
cient. Handling is responsive,
though never edgily so.

The suspension irons out the
bumps — even most of this
season's crop of new potholes —

story. In the urban cycle.' the
GL returns 29.4 mpg (4 mpg
better than the previous model).
At a- constant 56 mph, consump-
tion is a miserly 53.3 mpg
(40.9 mpg before) and at
75 mph, 37.2 mpg (31 mpg)'.

High gearing is the secret
With the 4+E box, fifth is so

“tall "you must forget all- about 1«* 7°“ know ** at ^, L . nd maximum) and with a- four-

it in town. It is a true over-
drive, giving a maximum speed
lower than in fourth. At
200 mph the Scirocco GL's
engine is turning over at only
4,000 rpm and it runs out of
steam altogether at about
4,300 rpm on the level, repre-
senting 207 mph. It would, I
suppose, pick. up another few
miles per hour downhill- At

of - surface the lyres are rolling
on. And the fairly firm seats fit
the body properly.-
When accelerating through
the gears, the economy light
shines if excessive revs are.
wasting fuel. In the overdrive
fifth, a needle appears, giving
an instant approximation of tbe
fuel consumption. A hard and
impatient driver might find it

COUNTRY LIFE

JOHN CHBRRtMGTON

IT USED to be any young man’s
dream to find himself cut off by
the tide in some particularly
safe cove or on a ledge with the
girl of his dreams. There above
the tide mark, and away from
prying eyes he could wear down
her resistance, or at least
perform a hero act trying to
scale the cliff for help, so earn-
ing her undying gratitude. All
it needed was a tide table and
a~ knowledge of highwater
marks. . - : •

It is no longer so. The cliffs
and beaches of Pembrokeshire

they are wearing camouflage
clothing and this does entail a
degree of co-operation by the
girl.

Anything coloured is enough
to send the watchers to dial'
even if there have been no
signals -for assistance, once it
looks as though someone has
been cut off.

Once the wheels have been set
in motion, and there is no
means of knowing if indeed
they have, unless those cut off
have a CB radio, there is an

guards and park wardens who
placed themselves on the cliffs
above those cut off. Then two
policemen who joined them.
Should the helicopter not arrive
they would go down on a rope
said the knowledgeable ones.
They could also be cutting off
iheir escape.

About 20 minutes after the
alarm the helicopter arrived and
stationed itself just off .shore
and the rescuer was lowered to
water level and drifted in to the
target. A most impressive

inevitability about the process display of skill this, and well

which is almost frightening. I
watched the whole remorseless
drama on .a Pembrokeshire
beach a few days ago.

The trapped had been spotted
through a red anorak on a ledge
600 yards away. Through

are patrolled day, and night if binoculars they did not seem to
reports, are true, by a "host of be very excited and the cliff

dog walkers equipped with
binoculars on the look-out for
an excuse to call out the rescue
helicopters. Intending isolation
seekers should make sure that

behind did not look uiiclimb-
able nor would it have been too
difficult to wade around to the
beach.

The first to arrive were coast-

worth watching. Those to be
rescued were sent up by a sling
two by two to be followed by
the rescuer himself.

It seems to me though that
in this situation the young man
is almost certain to lose. If tfc=-
rescue is unwanted the public
embarrassment could well end
a promising idyl!. But even
worse might happen if by a mis-
calculation the danger is real.
The girl might fall for the
rescuer.

ever, coincides with his birth
at Shrewsbury in 1809, and a
pictorial postmark is being used
at Shrewsbury in addition to
the usual first-day cancellation
at the Philatelic Bureau in Edih-

THEATRES

VICTORIA PA1ACE. CC 01-8 ZH 473&S.

PRINCE EDWARD. Old Common SL Tin
Rke A Andrew Lloyd-Webber’*. EY1TA.
Directed hr Harold Prince. Evgs 8 . 00 .
Mat Thun (economy price' and Sat 3.0.
tvo ptrf end* 10.15-. S -Box ■ Office 457
earf. CC Hotline 439 84997- Group sales
579 6061 Or .Box Office. Tor . Instant
conf booklnm rin 0 Teledata 01-200 0200

PRINCE OF WALES THEATRE. 930 8681

Credit card booking* B30 0846. PAUL
DANIELS ta TTS MAGIC. Mon-Tliurt
ggi. -TJJO. Frl_«d 5at 5 JO -and

Opens MarcO 4. Previews • Feb

QUEEN’S. S. CC. 01-734 1166. Evenings

8 . 0 . Mat Wed 3.0. Sat 5.15 and 8.30;

EDWARD FOX. ROBIN BAILEY. JAMES

GROUT and PRUNELLA SCALES »
QUA IFnCRMAJ HE'S TERMS, ' A mnw- play
Uv SIMO N GREY. Directed by HAROLD
PINTER.

RAYMOND REVUEBAR. CC 01-734 1593

AC 1 7.00. 9-00 and 11.00 pm- Open

Sub. PAUL RAYMOND present* . THE

— — Fabiilou* new

" i»X new
yearl

FESTIVAL OF EROTICA. FabulOO*
acts. Beautiful new girls. Sensation*/
thrills far 1962- 25th lensadanal ■

ROYAL COURT. S, CC- 01-730 1745.

s e nnK^sASs K .

730 2554. CINDERS. Evas 7 JO l Not
sultablb igr children).- •.

ROYAL FESTIVAL HALL.. 81-92B 3191.
LONDON FESTIVAL BALLET. Until Wed.
A holiday treat for »1! the family. Ronakl
Hvnd*s THE NUTOIACKER. «op-S*t
Eves « 7 JO. Today Mat at 3,00. -{Today
Mat ■ -RoRzett). • Sfcoog. Eva; Rqanne.
Jolley}. • .

-SADLER'S WELLS THEATRE EC1- 01-B37

1672-1 67T^M5 6 ^ ^edj* cards^lO^a n^tb

rw.

TIM

6 pm 01-278 087lGfD sales 01

fsSr-m wsBbnm

Safas 01-579 6061 & Teledata 01-200
. 0200 . <24. hours). ■

WAREHOUSE. Donmar Theatre. Ear mom
S t^ Coyen IJIdn. Box Omce 8gQ&Bp_a.

Val

.SHAXESPEAR*“

S 000 J- F.- Tay/or ton 't .7.30 pm.
tar younger children!.

WHITEHALL. Box off. tef 01-939 6976.
01-S ISO- 8912-7765. CC 01-930 6693-
6694,. Gnonj^ aa kn tel 01-379 6061.

Whitehall's.

tart* ANYONE FOR

D ’f

pm; MAT SAT S.00 pm.

WESTMINSTER. CC. S. 01-934 0283.

GAVIN AND THE MONSTER- A fantasy
adventure musical. - For - the Christmas
season until Jan 23. Man -Set 2.45. Frl
& Sat GAS. .

WYNDHAM‘9. S. 836 3C

6365. Grp reductions B3E

BLAKELY, R OS E M ARY ...

ARTHUR MILLER'S ALL MY SONS.
Directed nv ■ Michael blakemore..
Mon- FH 7.30. Sat -4.50 & 6 . 00 . Wed

3028 CC. 379

3962. COLIN
HARRIS.

mat 2-30

YOUNG VIC (Waterloo). gzB 6363. Eves

TIMER fe'

KING LEAR.

EURO

The Association of International Bond Dealers Quotations and
Yields appears monthly in the Financial Times.

It will be published on the following dates:

19S2

Wednesday 13th January
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Tuesday 13th July
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17. 19. 20 at 7. SO. BOOK NOW
AMPLE FREE PARKING aft 6.30 Pin.

Savoy, cc. oi-ssc sobs. For credit

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Mat T‘hu« 'Set 6.gb ind_J4S.

j?g85& H AfKoS|'

OV^ ZS0 U KRFO W4ANCES.

Ml-'sUS-

*hil!p stqnC

Agatlu Christie i TH£ M 2S E 1 5S?'
World's longest ™- SOrt Yrtf,

STRAND,
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2 tours of non-stop lausluer. Directed

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01-379 6061 T7»mertta Garrick Jan 18

OF THE.” TOWN. GC 01 -734 5M1.

or fKriflgSH

Dinner. Dancjns,_S. .ba ncs- , .

CHARLIE BROWN,

VAUDEVILLE. CC. 01-936 99BS„ Eves,
£ Wed Mata 2.45. Sate S & 8. CORDON
JACKSON- Hi- AGATHA' XNR&TIgS
Cards on the TABLE. .SORRY, No
reoneed urlws from any caurcn bat
seats Bookable from £2JH>,

“SUPERB...
SPLENDID PLAY"

r? 3 '!'y .V.d.l

'MAGNIFICENT
NEW PRODUCTION"

Sur.davT^:.

diR-Why MICHAEL ei.AKCMOR?

H VVYNDHAMS THEATRE
Box Oftw? OJ' ‘836 .‘5)28
Credit Cards 01-37y6b65

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ffin nui glia n w Unwpool and Manchester).

1 32, world 3L T* 4416712.

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838-75Cl

What women buy
and drink now

WINE

EDMUND PENNING
ROWSELL

FOR SOME TIME, market
research has been telling us
that more women, than men
buy wine. What we have not
been told is whether more
women, than men actually
choose the wine they buy. or
whether ifiey buy more wine
than men. What is clear, how-
ever, is that- women are drink-
ing a great deal more wine
than they did not many years
ago. Many can no longer be
fobbed off with that small glass
of- sweet white wine from an
indeterminate source, while the
men concentrate on the hard
or at least stronger stuff.

nient. For this reason women
do not like separate tills for
wines and spirits. Consequently
off-Jicences are at a disadvan-
tage, for ft means a separate
stop and entry, one, perhaps,
that still causes embarrassment
to many women. A woman "who
drinks” is still likely to <be
viewed less tolerantly socially
than a man who does, and to
be $een in an off-licence may
suggest this. Off-licences score
outside normal shopping hours,
but otherwise their display is
considered inferior, their prices
not competitive. An advantage
that off-licences have is in giv-
ing advice and service.

In the survey pubs come off
badly as places where women
buy wine, and clubs, grocery
shops and restaurants even
worse. From the almost neglig-
ible proportion of those who

taining or informally, for relax-, i . tlvert tiemanu pun the two

ation and at the end of a day’s
work. •••'■■

Wine is' the drink that 'women
buy most for their own con-
sumption, and it is fair to con-
clude that this- -is their own
choice. Sherry comes next, fol-
lowed some way behind by Mar-
tini and Cinzano ; while spirits
are right at the bottom of the

vcrwcaihs lop and -Harvey next.
The be ;t liked were Martini
Extra Dry on - the rocks for their
simplicity and good taste,
and Harvey sherris s for their
impact — “ you can hear the
tinkling of the ice."

• Brand awareness o e wine was
very low. presumably because

clears most of the screen the
top corners form a blind spot
when motorway mud has dried
there. For reversing, an exten-
sion of the back window under
the aerodynamic spoiler is a
great help.

The GL 4+E I drove costs
£6,497, which includes integral
front fog lamps, headlamp wash
system, light alloy wheels and
metallic paint. An automatic
version is £6,732. For £5,424 the
1.457 cc. 70 horsepower CL looks
the part but is slower (101 mph

speed gearbox cannot match the
GLs extreme economy. VW's
fastest car. is currently the
117 mph Scirorco GTi, fuel in-
jected, with 110 bhp under the
bonnet and a close ratio five-
speed box. Do not expect almost
40 mpg out of this one, though
VW say 30 mpg should be pos-
sible even' for the driver Who
exploits the eager performance.

claim-to buy wine in restaurants, list. But for others in the family f Z‘. ‘ n a tford vls- sums in

(ha, tha» tha ! . - attOrU SUU15 in

Nevertheless tradition, up-
bringing and male attitudes
still play a very large part in
influencing women’s tastes or
at least their choice when they
are buying alcoholic drinks.
This is demonstrated in Selling
Alcoholic Drinks to Women, a

beer is the first buying choice,
wine the second and whisky
third. On this buying list, lager
is well behind and sherry' much
lo'Wer still.

• Women Tike drinking at home
as “ they do .not have to worry
about price or driving home, as
they do when they go out."
There is some resentment that
husbands consider their driving

it would appear that there the
women "leave it” to the males,
many of -whom are apt to be-
lieve themselves to have been
specially educated, if not born,
to “know about” such things.

No mention is made of women
buying from traditional wine
merchants, who represent the
research project conducted by higher part of the market, b'utj
Research' Associates (£340 from if it is any guide, at least SO

The Radfords. Stone, Stafford- per cent of people who join the licence more important than
shire), who have already pub- Wine Society are male. their wives’, who consequently

lifihed reports on young Women, it is reported here, are obliged to abstain,
people’s drinking habits in. -prefer wine to beer or spirits. In restaurants women would Teachers, Johnny

Britain and the U,S. The latest which are regarded as men’s overwhelmingly choose wine, Walker and Smirnoff,
is based on six group dis- drinks. They like it because with sherry as the favoured The recollection of advertise-
cessions in the North, Midlands it is “inexpensive, palatable and aperitif. Wine is also the most meats was very low indeed, with
and South of England, in which light” Wine bars are increas- popular buy for parties, with Bailey’s Irish Cream heading a

62 women of varying ages and ingly popular with women* beer next, spirits much less and

socio-economic groups took where they feel more at ease sherry seldom purchased for
part. All had purchased alco- than in pufos. these occasions,

holic drink in a preceding week The national sample, bow- l s the sherry party dead, or

last spring. Before the dis- ever, appeared to drink more reserved for the midd-le-egeri

missions they had filled up a spirits and beer and much less middle class? Most of thoss • hint to some other cognac acver-
questionnaire about how often table wine than those in the questioned associated sherry risers. Although most of the
they had an alcoholic drink, discussion groups, but fortified with order people, but in general! respondents drink spirits
where and how much they wines were narrowly ahead of fortified wanes are considered occasionally, in most families
normall- spent. Also what types spirits. Twenty-five per cent as women’s drinks, especially only the husband does,
they bought, and how much said. they drank wine more fre- sheny and vermouth, “You while manv women appar-

advertiring and still remain
competitive in price. Not
surprisingly, therefore, those
getting some mention were Blue
Nun and klsteus Bose. Such
brand awareness as exists
derives much more from
•‘friends* sleek, restaurant wine
'lists and holidays."

On spirits Bell's Scotch
headed a substantial list of
brands remembered, followed
by Gordon's Gin and, somewhat

a

small list with few positive
responses. Henessy’s was the
best liked spirits one. for being
"simple" and having a " feeling
of warmth,’’ which might he a

ed to this,
the younger

1 UWLLU &9 weic uniuwgq uy uj ..rarenia aluluucs, wwaras remaps ITOS Sex "VSeW Cf SiteTTV Women's Lib.

country-wide telephone calls to their younger daughters drink- drinking helps to explain the strong] v oppose

o!2 women. 94 per cent of mg differs from that to their current problems of tfxe shdrry Although a mans 0 „

wnou i occasionally at least con- sons, although the younger res* trade, although today sherry is veneration there is a more
sumed alcoholic drinks: ana pendents stated that their generally ^xcelent value far fiberal attitude towards alcohol,-
these were asked a condensed parents were more tolerant money:- overall the view in the survey

ve rsio n of the questions in the than the older women had When, however, jt came to is that progress bad been slow

questionnaire, claimed for theirs. Most young brand and advertisement know- in this respect, 2 nd regular fe-

The report confirms a com- girls had started drinking for ledge of fortified wines, the male drinking is not accepted
anon view that supermarkets are social reasons, and initially had brand owners hasre no great as it is with men. And the
where women' mostly purchase not necessarily enjoyed it very reason to- congratulate them- “white wine for ladies" conven-
alcoholie drinks, and they buy much. Two drinks on one occa- selves, with the exception of tion dies hard, not least owing
them, inthe course. of -the house- smn had been “a big deal.” Harvey, Martina and, rather less to the often mistaken view that
hold shopping.'*!!! doesn’t look When they grow older women so, Cinzano. These were the white wine is less strong than
so bad if you' buy it with other do not usually drink more, but brands women were -shown most red. There's the slimming
things” is one reported com- more at home, in formal enter- to be aware of, but recall of factor too.

Financial Times Saturday January 9 1982

HNANC 3 ALTIMES

BRACKEN HOUSE,. CANNON STREET; LONDON EC4P 4BY
Telegrams: finantimb, London P5 4, Telex; 8954871
Telqjhone:01-248 8000 ■

Saturday January 9 19S2

A seasonal

hangover

MARKETS ON tooth sides of the
Ad antic have greeted 1982 with
a groan and a bleary eye. Like
a man with a hangover, they
flinch at the faintest sound, and
regard with jaundiced scorn
anyone who believes it might
■turn out bright -after all. To he
sure, the threat of a rail strike
in the UK, with possibly a
miners* strike to follow, and a
bearish forecast from Dr Henry
Kaufman on U.S. interest rates
are net imaginary troubles, and
it is rational to take account of
them. On the other hand, it is
rational also to give some
{weight to the OECD end consen-
sus forecast of a slow toot
accelerating economic recovery,
and the hope of a sharp revival
in profits.

It seems, in short, that the
market's understanding of the
prospect before ns is heavily
seasoned with disillusion, and
this is not surprising. The
events of 1981 destroyed a lot
of hopes— of peaceful liberalisa-
tion in Poland, of Reaganomics,
of the beneficial effects of mone-
tarism in the UK. If there is a
silver lining to the Polish
ftragedy, as some experts still
argue, it lias yet to make itself
visible. Reaganomics has now
been abandoned by the U.S.
Treasury Secretary, Mr Donald
Regan, who concedes that some-
thing must be done to check
the growth of government
borrowing.

Evidence

\ Reminder

' In the UK the bitter lesson
has been that not even success
in cutting government borrow-
ing is necessarily enough to
bring interest rates down. It is
no good our getting the balance
right if the Americans continue
to get it wrong — no goad, that
is, as long as we continue to
worry about the sterling-doll ar
exchange rate.

The effective collapse of
Smith St. Aubyn, one of the
smaller discount houses, is a
reminder of the disappointed
hopes of the gilts market; the
disaster was entirely the result
of a very stale bull portfolio of
short gilts.

- The episode must also call in
question the role of the dis-
count houses as the chosen
vehicle for Bank of England
messages to the markets in
general. Their financial role Is
considerably reduced In the new
monetary system, which is
much more permissive about
the hanking reserve assets
whidh the discount houses
supply. Selling commercial bills
to the Bank of England, the
neW development in managing
the monetary statistics, pro-
vides large turnover but at the
finest of margins. Th'e houses
may well feel driven to seek
higher and therefore riskier
returns on some of their assets.

This in turn is only a detail
in the much wider questions
concerning British monetary
policy. The attempt to control
the broad money supply has
never looked convincing since
the imposition of the banking
corset concealed the true

Consensus

This feet, coupled with a re-
vived interest in UK securities
from British institutions, who
have made a large portfolio ad-
justment to build up their
foreign holdings, should make
for a less disappointing market
this year. The consensus view
of the City, according to Mes-
sers latest institutional poll, is
for a distinct if modest advance
in the gilts market this year.

This hope may not be warm-
ing us much at the metnent,
but it does call for a big im-
provement over the perform-
ance of the last two years. If
the market regains the confi-
dence to back its own forecasts,
1982 shonld not prove quite so
bad as it seems to look now. .

Letters to the Editor

Shortage ti0 " al

From Dr J. Scarborough

Sir.— -For the past 12 months
■we have been seeking both
qualified electronics develop-
. ment staff and sales engineers,
not unly by advertising
nationally in the Press, but also
by direct approaches to suit-
able well-known companies cur-
rently involved in massive re-
dundancy exercises. The
remuneration packages offered
have been competitive when
measured against published
data.

The results have been utterly
depressing in terms both of the
number and .quality of applica-
tions received. On the sales side
applicants rarely seem able to
sell themselves in either their
application forms or interviews
—what hope then for them sell-
ing our products? On the tech-
nical side we have found aspir-
ing PhDs in electronics quite
unaWe to solve simple elec-
tronics design problems— and
we cannot afford engineers who
are capable, of dealing only
with the more esoteric elements
. of design.

If the nation’s economic salva-
tion 35 indeed dependent upon,
companies such as ours then
our experience bodes ill for its
future prosperity. The country’s
education system has for some
time been producing either, a
sub-standard product, and/or a
product with skills for which
the employment market can find
no ready use. Those with the
required skills either lack the
boldness to accept the chal-
lenge and excitement that a
small high technology company
offers or, because of their
scarcity, command a price far
in excess of the supposed going
market rates. Our frustration
must be shared by many com-
panies similar to our own.

tionai and financial rewards.

If we can restore the rele-
vance of our educational system
and rekindle a spirit of adven-
ture in its products then we at
least have two important in-
gredients in the recipe for suc-
cess.

J. Scarborough (Dr),
International Electronics,
Ewood Bridge,

HasUngden, Lancs.

Small

From Andrea Hertz
Sir, — It is not sQEprising that
Mr Tim Dickson (January 5) be-
lieves that Lord Lever’s pro-
posals for the revival of the
small business sector accord
more closety with Alliance pra>
cipies than with Labour policy.
It was, after all. the Parliamen-
tary liberal Party which, during
the Lib-Lab pact, forced the
Labour Government to appoint
Harold Lever to oversee all
matters affecting «ma^i firms.
Andrea Hertz
(Jfeiilfeinentaiy Assistant
liberal Whip’s Office).

House of Commons, SW1.

Futures

I would ask politicians and
educationists alike to replace
well meaning words with prac-
tical action to alleviate these
shortages. To those who have
the necessary stalls, please be
prepared to accept the chal-
lenge a small company offers^-
any imagined risk is amply
offset bv increased job satisfac-
tion and the potential promo-

From Dr G. GemmiU
Sir.— David LasceHes (Lom-
bard, December 17) argues that
“ die whole interest-rate-futares
business is getting out of hand.”
While I would agree itiutt toe
enthusiasm of the Americans
for these markets is quite
remarkable and the public
benefits of ail tifis activity are
probably mino r, hfe article con-
tains three fallacies.

The first is that futures
markets somehow “anaesthetise
risk ” wifafieh is jn conflict with
the teaching of Reaganomics
which ext oils the virtue of
taking risks. Futures markets
do not reduce risks (except to
the extent that (they ^tabaEse
prices); they merely exchange
and spread risks. His argument
could be used equally against
an insurance market such as
Lloyd’s, thus demonstrating its
absurdity.

The second fts that the exist-
ence of such exotic contracts .
as those proposed for a stock-

STOCK EXCHANGE COMMISSIONS

The rising cost of a bargain

By Richard Lambert, Financial Editor

trends, and its subsequent re-
moval revealed an alarming
bulge. The latest development
is that the banks are tending to
inflate the money supply by bid-
ding house market lending away
from the building societies, and
the Bank of England is counter-
ing by intervening in the bill
mar ket to take commercial lend-
ing business from the banks;

This strange process may or
may not produce acceptable
money numbers, but the whole
game seems to have drifted out
of any contact with -real
economic problems. The retire-
ment next month of the two
senior Bank of England execu-
tives most concerned with
market management in the last
decade may well coincide with
the closing of the historic
chapter over which they pre-
sided.

There remains some sporting
interest in seeing whether the
whole machine of broad mone-
tary control can be maintained
in some sort of roadworthy con-
dition while it is driven to the
scrapyard, or will collapse into
a heap of distorted statistics on
the way there, but that is about
all. Virtually nobody takes the.
M3 target very seriously, any
more, and the City would sleep
easier and wake fershe if it
knew what was to take its place.
We seem at the moment to be
under some sort of de facto
exchange rate target but even
the principle has yet to be
agreed, let alone the details.

Meanwhile, out in the real
world, there is evidence that
things are not quite as bad as
the present market mood might
suggest Car sales, like exports,
are performing rather better
than forecast The Ford
workers have settled for peace,
if at a price.

There is no reason yet then,
to dismiss all the Government’s
hopes for 1982, of a real re-
vival based on a leaner but
more efficient private sector.
The prospect of a tax increase
in the U.S. may be unpalatable
to American taxpayers, but it
could forestall the kind of
crisis of confidence which
raised U.S. interest rates to
such a damaging peak last
autumn.

S tockbrokers rank

somewhere along with
mothers-in-law in popular
opinion polls. Although the
business has changed radically
in the last decade, the carica-
ture figure remains: overpaid,
underworked, and perhaps just
a little bit “fly.”

Given this unflattering image,
the Stock Exchange Council
faces a tough task with 4ts

proposals— published yestaday

— to increase the minimum
rates which brokers must
charge for their services. It has
to balance the interests of its
members— who elect the Coun-
cil — against those of investors
and the public generally.

The Stock Exchange offers
what 3s an many respects a
monopoly service — and a profit-
able one, at that. If it was seen
to be making too much money,
its powers to fix prices would
inevitably be challenged- But If
members feel they are not
making enough, they could get
themselves a new Councfl — or
take up vegetaMe-growng.

This is an especially sensitive
time to be talking about higher
commissions. Two things have
happened since the -last rate
increase, in 1976. The abolition
of fixed commission rates on
WaH Street which took effect
a year earlier, did not turn out
to be the disaster for the brokers
that at first seemed possible.
On the contrary, the broking
business is in a much more
healthy — albeit sHnuqer — shape
than it- was six years ago.

Secondly, the Office of Fair
Trading has mounted an attack
on the London Stock Exchange's

Ilf SWTHMI

■— r

£25 h

Large

Medium

Small

GILTS
(Short &
Others)

" EQUITIES

Ll I r t-jr-L

*76/7 *7 TfS *78/9 /7fifo0

oL — i — I—

'7$4 '7Sf&

> !

u, --***«:

iMMfetwi

■ Bob Hutchison

Turnover in gilts
has exploded
in recent years

rule'book. The case could come
before the Restrictive Practices
Court somewhere around 1984 —
and is bound to involve a par-
ticularly close study of the
commission structure.

It may seem odd that this
bastion of capitalism should not
, allow price competition among
: its members. The Stock
Exchange defends the minimum
commission structure on two
main counts. .The first is that
the so-called “ single capacity”
system — whereby brokers may
only act as agents earning com-
mission income and jobbers as
! principals making profits by
dealing on their own account—
would come under intolerable
pressure if commission rates
became subject to negotiation.

The brokers would want to
get their hands on a slice of
the jobbers’ profits— and the
jobbers would- respond in kind.

In most of the world's stock
exchanges, brokers act as both
principals and agents. But the
London authorities say that the
separation of capacity provides
a better assurance of a con-
tinuous, efficient and fair
market

The second argument is that
if Twmkn mn commissions were
abolished, it 'would become im-
possible to run a compensation
fund to protect the clients of
firms that go bust Members

wmdd not be prepared to con-
tribute towards a fond to pro-
tect the clients of firms that
priced their services irrespon-
sibly.

But while holding unswerv-
ingly to its faith in minimum,
commissions, the Stock Ex-
change has realised that it can
no longer raise its prices with-
out so much as a nod to its
customers. This explains why it
is inviting the widest possible
comment on yesterday’s pro-
posals, and why it has gone to
unprecedented lengths in an
attempt to justify the increases.

This takes a tittle doing. The
daily value of turnover in gilts
has exploded in recent years,
and although equity business
has been less buoyant, it has still
been broadly maintained in real .
terms over the last four or five
years. Since commission is
levied as a percentage of turn-
over, why the need for any in-
crease at all?

The answer is that the
charges are made an a tapering

scale. At the present rates, a
small equity bargain wiU be
charged at 1* per cent whereas
the rate on a very big deal will
be just 0.125 pear cent As the
size of bargains has increased
over the years, the “top slice”
of business has moved into a
band carrying a lower rate of
commission.

The review Indicates that
between 1975*76 and 1979-80,
tiie net commission income of
a typical large firm in London
rose by something like two-
fifths to just over £4m_ This is
noticeably less than the rate of
inflation.

It aftso shows that gilt-edged
is more profitable than equity
business — and that the big
increase in gilt-edged turnover
has been concentrated among
relatively few broking Anns.

But maybe broken were just
making too much money in the
first' place. Anticipating this
criticism, the most revealing
part of the review -is given over
to an attempt to refute the

idea that brokers are overpaid.

Fart of the exercise consists
of figures showing the average
earnings for each partner in
different categories of firm. The
sums are not precise. They show
the total revenues of firms in
the sample, less their' total
expenditure, and a further
notional sum representing
interest on partners’ capital.
That net earnings figure is then
divided by the total number
of partners, including those who
are paid a salary.

On this basis, the average
remuneration for each partner
in 1979-60 was £26,470.

The figures are not available
for 1980-81, which would have
been a much better year.

That does not sound like
penury. There are over 2,000
partners in the Stock Exchange,
out of a total workforce of
under 15,000. For comparison,
TCI— with a workforce in the
UK six times the size o£ the

entire broking sector — bad
just L100 employees earning
more than £20,000 last . year.

But of coarse wages in the
City have usually looked very
attractive compared with those
available in industry. The re-
view quotes an analysis by
Hay/MSL of salaries in the
financial sector. excluding
broking: firms. Half-way through
1981, the median salary for a
top management post (below
board level) in a medium ar
large financial concern was
£ 21 , 000 .

This was a base figure, and
did not take account of such
perks as cheap mortgage facili-
ties and motor cars,' which were
apparently worth no less than
45 per cent extra on the salary.

The review suggests that
perks are less generally avail-
able to partners in broking
firms. More importantly, it also
points out that -the partner in
a broking firm Has to take un-
limited liability for all the

obligations the-finn. The re-
wards may be large but— as the
partners in Hedderwick Stilling
found out — so are the risks

Relative to inflation, the
average earnings of Stock
Exchange partners have held up
reasonably well In the past few
years. But this has nett been
enough to maintain the capital
base of the sector in real terms.
Partners have bolstered their
take-home pay by leaving less
money in the business. Wealthy
partners have retired, and been
replaced by younger members
with less capital to offer.

Inflation has bitten into the
capital structure of pretty wen
all financial companies, and the
brokers are no exception. It is
a volatile business, and firms
need adequate backing to see
them through bad times with a
reasonable safety margin. The
Stock Exchange’s main argu-
ment for higher commission
rates is that the erosion in the
brokers’ capital base must at
least be checked.

However, when it comes to
specific recommendations for
rate increases, the review is less
well documented. The decision
to put the main burden on
smaller investors is not
supported by any detailed cost
analysis but simply on the
“ universal agreement" among
members that commissions are
too low to cover the costs of
processing small bargains. That .
may well be true, but it is also
the case that small investors
are less well placed to argue
their case than . the big
institutions.

Not all of the large groups
will be happy, either, for the

Main burden of
increases on
small investors

How Wall Street lived with competition

THEY STIi.T. remember
“Mayday” on Wall Street-
May 1 1975, when fixed rate
commissions were abolished.
The wave of competition that
was then unleashed has not
only held down commissions
and brought all sorts of new
services in the fight for
clients. It also spawned a new
sector— the discount brokers,
which offer no frills services
at bargain prices, and prob-
ably now control about a
tenth of the market

A lot of firms eon id not
stand the pace. Some went
under, and others collapsed
into the arms of stronger
merger partners. WaH Street
today is a chastened but
stronger band of brothers.
Merrill Lynch, the giant of
the business, is caoltalised at
well over $lbn, with several

other firms in the $500m to
$lbn range. The recent rash
of acquisitions by outsiders of
Wall Street firms has under-
lined the appeal of the brok-
ing business in the financial
services boom.

The Securities and

Exchange Commission says
that Mayday has greatly
reduced ' commissions for
institutional Investors, and
cut them somewhat for large
private investors. Fees for
smaller bargains have gone
up, but not by as much as

COMMISSION RATES OVERSEAS

Bargain

£5.000

£10.000

£100,000

Australia

£112.50

£675

£1,175

Japan

£57.25

£422.50

£769

Hong Kong

£25

£250

£500

South Africa

£42.50

£425

£850

Germany

£30

£500

£1,000

UJ5.f

£87.50

£450

£800

tin the U.S. the average full commission is subject to reduction
by negotiation.

Source: Rowe and Pitman.

inflation.

In most other markets in
tire world, fired commissions
are still tiie role, with
some modest variations. F.or
instance the bank commission
in Germany is negotiable on
large deals.

If the proposed changes are
approved, commission rates in
London will be relatively high
for the smaller investor. A
£5,000 deal In equities will
cost £87.50, .compared with
about £57 in Japan. Bnt the
bigger deals ‘look more com-
petitive. A £50,000 bargain
mil cost £340.50 and one of
£100,000 will carry a commis-
sion of £590.50. That com-
pares well with most places
apart from Hong Kong and,
after allowing for the
discount, probably the UJS.
as wen.

analysis of revenue and profits 7
is not nearly as detailed as
some had hoped. For instance, ' .
Mr George Dennis, of the Post
Office: pension fund, had called
for a; breakdown showing'
whether investors vgere subsi-
dising non-stockbroking activt
ties.

The review has also dis-
missed those who favour the
“ unbundling ” of commissions,
aimed at getting rid of what
Hr David Malcolm of Royal In-
surance calls “all the rubbish
research .work.” He would, like
to have a reduced commission
for dealing and settlement and
to pay separately for the re-
search which he thinks is worth-
while.

Against - • this, the Stock
Exchange argues that the com-
mission covers a package of
services, including advice — and
that cannot in practice be
separated from research.

Most big investors probably-
favour the retention of a mini-,
mum scale of commissions, but
have some doubts about the
way the overall package is
structured. The next few weeks
will show whether the Stodc
Exchange has gone far enough '
to- convince thent— and the
wider investing public— that
the proposed changes are neces-
sary and desirable.

index or toe consumer price
index (CPI) can in some way
be harmful For example, he
asks: “Why should governments
toil to combat inflation if the
population is happily hedged
against the next rise in toe
CPI? " Why indeed? If some
of the people want to hedge
against inflation, at a cost, and
others agree to accept toe risk,
in foe expectation of a profit,
can that be bad ? Since markets
generally forecast at -least as
weU as models (for the -obvious
reason that profits are made
from market forecasts whereas
model-builders’ jobs may not be
quite so dependent), it is likely
that CPI futures would give
predictions at least as useful
as those of the London Business
School. National Institute of
Economic and Social Research,
and Treasury. It is disingenuous
of Mr LasceUes to suggest that
there would be no short hedgers
ip, 0*1 futures: . tire futures
-price would usually stand at a
premium and toe shorts would
profit if toe rate turned out to
be less than that premium. If I
offer Mr LasceUes a forecast
(premium) of 20 per cent
inflation, for toe coming year,
will he not be wfflarpg to go
short against me?

This leads me to toe third
fallacy, -which is that settle-
ment of futures contracts in
cash is gambling. Does he not
realise that more than 90 per
cent of futures contracts are
closed-out early and settled in
cash already? It makes no
difference if 100 per cent of
contracts are settled in cash,
as long as toe settlement price
accurately reflects conditions in
toe spot market The fact that
you settle in cash does cot
mean that yon are not hedging;
100 per cent cash settlement
does not now occur'because the
law says that deBoer? of toe
commodity must he possible,
otherwise toe activity is deemed
to be gambling. This law is
pure hypocrisy. It prevents toe
exchange of risks between
willing parties, because It can-
not find & better definition of
gambling.

A change in toe law would
allow futures trading to begin
in a variety of indices, includ-
ing the rettafi price index and

possibly a housing index, and
would in my view be in the
public interest

(Dr) G. T. Gerwnsli.

City University Business School.
Barbican Centre, ECS. .

Uncertainty

From Mr A. GohdeS

Sir. — Mr Brittan describes
Goodhart’s Law (Lombard, De-
cember 29) as "any indicator
becomes distorted once it is
used (the article wrongly said
doctored) as a policy target ”
and his own version of this Law-
in reverse, viz; that once the
indicator ceases to be an official
target, it resumes its former
role as a guide to economic
behaviour.

It may be as well to remem-
ber that a certain Werner
Heisenberg proposed toe Un-
certainty Principle in 1927,
albeit in the realm of nuclear
physics: “It is impossible simul-
taneously to determine exactly
both the position of an object
and its momentum.” Roughly
translated into economic termi-
nology this becomes: “ It is im-
possible to observe an indicator
without disturbing that which it
intends to measure." It follows
from this that the closer an
indicator is observed, the more
disturbed are the objects of
measurement

Due credit though to Dr
Goodhart who says himself that
he is reluctant to take toe credit
for his Law.

Ministry of Agriculture and we
have to buy our milk, also at
fixed prices, from the friendly
Milk Marketing Board mono-
poly which is now a direct com-
peri tor in both liquid and
manufacturing markets.

Richard Mooney is correct in
saying that liquid sales have
declined. The reason for (his is
widely known but rarely re-
ported Milk production has
increased dramatically in toe
last ID years and most of the
increase has been manu-
factured into butter and

cheese, giving. toe Board a re-

turn' far lower than the liquid
market and so diluting the
wholesale producer price. Be-
cause the distributive industry
is efficient, low-cost and well
managed with super loyal

people at all levels, at is much
easier for the Minister, the
Board and the NFU to' try to
obtain what they say they can-
not from manufacture through
an excessive retail price hence
lower liquid milk sales.

John Heald,

Healds Dairies, Didsburyi
Manchester.

become before it qualifies.

The amount of Arts Council
money devoted to literature is
derisory. According to its last
set of accounts, no more than
1.2 per cent qf expenditure went
to literature as a whole, and
only a quarter of that on sup- 1
porting magazines' j

Grants are -withdrawn from j
magazines, usually because it is
felt that a magazine has had
its chance and should be self-
supporting. but the same
criteria do not seem to be
applied to other forms of
artistic endeavour.

It should not he surprising
therefore that magazines fell.
They lack the means to promote
themselves effectively, their
subscription lists dwindle, they
do not attract advertising
revenue, and it only takes the
withdrawal of a grant to com-
plete the process. Unless some-
thing is done to relieve this
literary poverty trap, more
magazines will die.

M5ke Shields.

199 The Long Shoot, Nuneaton,
Wancichs.

Are you getting the best out
of your investments?

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stockmarket works and the key factors for personal
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By Gordon Cummings; bestselling author on investment, pro-
vides the essential core of knowledge for those who manage
then: personal capital and savings in toe stpckmarket. lt covers
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sfr For the new or potential investor, itprovidesan introduction to the
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XHE FINANCIAL TIMES BUSINESS PUBLISHINGiaMEEED !

leading in Options

Literature

VAT

Alf Gohdes.

6, Cross Street, Famborougk,
Hants .

Milk

From the Chairman, Healds
Dairies

Sir,— -Milk distributors are
not lobbying intensively for a
price rise (December 23), costs
are rising but not soaring. The
Binder H-a.ni.lyn ' investigation
has nothing to do with the
split of the retail price between
producers and processors. It is
necessary that a costings system
exists and that it should be
examined periodically since the
retail price -is . fixed by the

From the Editor, Orbzs

Sir,— I think that the letter
of the secretary-general of toe
Arts Council (December 30)
requires certain amendments.

literary magazines have died
over the years, either because
grant aid has been refused in
toe first instance, because what
has been given has been too
small to make any useful
difference, or because a .grant
has -been withdrawn. Apart
from toe half-dozen or so maga-
zines supported by toe Arts
Council, most magazines do lose
money. Ask any editor!

The conditions under which
g rants are awarded are unusual,
to say the least In a letter to
me earlier last year, an Arts
Council representative stated;

. . the Arts Council has to
limit toe grant-aid It gives to
magazines to those that have a
national coverage . and a com-
mensurate number of subscrip-
tions . . prompting me to ask
how rich a magazine must

From the Chairman.

HM Customs and Excise

. Sir. — On January 2 you pub-
lished a letter from Mr H.
Mainz relating, to VAT repays
meats in which he stated that he
was ' informed that repayment
claims would only he processed
after a delay of 30 days.

This is not toe case. Clearly ;
a misunderstanding has arisen >
between Mr Mainz and us, and !
we are writing to him to sort St
out. But 1 stanfld like to assure
you. (hat Customs and Excise
are we© aware of toe -fan.
portance of making prompt re-
payments of VAT when due and
iJt is our aim. in no rm aft working
conditions to make such repay-
ments within 10 writing days of
receipt of vaffid claims. Delays
do occur on occasion when
queries arise bat our 10-day
timetable is indeed achieved in
over 90 per cent of. cases.

(Sir), Douglas Lovelock,

HM Customs and Excise.

King’s Beam House, ,

Mark Lane, EC3

Geofcey Chamberlain is a stockbroker who has been closely involved
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Finaifciatf illtnes SafimIay "January 9 1982

in

Guy de Jonquieres reports on the surprising boom in TV set sales in Britain i

adjust their sets for a boom

FOR BRITAIN’S- re tailin g' .in-
dustry, the sluggish "prft-(5rist-
mas season- proved- - an appror .
priately d i sma l .end to! a: year
that most, irojtoemed.' would'
rather . forged ;. Rut • • in
striking contrast' tqtbe . gloom ■
overhanging: sales ;of ^many
other consigner .products, fBe
UK television maritetv was
quietly completing: one. of its
best yearsevSr. —

The BritiebJftaaio' Equipment:
Manufaotweret. - '-Associatiou
( BRE5ffA) .istamBjes that .colour
set shipments iast, year totalled
more Ihan- Zlm:. "units: v It-
forecaats a fiather rise to above
2.2m untisi- this year- Black

and wUta-set sjjfcpbeots have
Remain wT buoyant too: • about
1.5m -Were: idupped last year.- '
These figures may not quite
match . the even more phenom-
enal success, of personal com-
puters - — Sinclair Research,
manufacturer of ate £70 23C-S1,
says that it is setting afcacwt
50^)00 of toe machines a month.
But -they, have been exceeded
only twice, - in the “Barber
boom” yeans of 1973 az*d 4974,

**>r ?ohen. managing director
of • - MuHqrd, toe diwetsafied
electronics manufacturer wftfcfc
is the only company sta pro-
• television tabes in'

Britain.

- "Lfe; » ■■ *•» - * '.*1

t THOUSAND IBUtS

•Jfc® Picture . has -been
hnghtened farther by a sadden
.surge , of demand for sets
equipped to receive teletext
-services 18ke the BBC’s Ceef ax
art : .TFVB Oracle. -These use
'spare capacity on normal broad-
casting -channels to transmit
“pages” of comimterised infor-
mation each as the news,
weather, forecasts and sports
results.. . ". ■

FORECAST Of ANNUAL E,,
SAIES BF TELETEXT- p
EQUIPPED TV SETS IN Wife

In West .Germany
there /is : ^ ;
fierce price war -

! bardfcn of
on

when colour: -set shipments -
readied 2J} nj jn<j 2 . 3 m
respectively.

The British , market is excep-
tional. Television sales have
been weak In most. other West.
European countries. In West
Germany, conditions have been
poor for more than IS months,
and suppliers are engaged In a
fierce price war in' an attempt
to reverse .a steady build-up in
stocks. •.-='■• -

The resilience of UK demand
is -a godsend to some -major
manufacturers. “If I hadn't got .
the consumer • business, i
woudnt.be too happy* says Mr

. More than ' 300.000 teletext
sets are now in 'rise in Britain,
more than in any other Euro-
pean country, andbihe number is
expected. to be dose to 1 m by.
tiie end of tois . yean But
though teletext has been operat-
ing since tire mid-1970s, most
of the s6t& currently /in use
have been installed during the
; past 12 mouths. ■„

The • upturn is. particidariy
welcome news for Britain’s £lba
television rental industry,
which stmpftes: more- than haif
the televisions in' the country.
Already encouraged by toe suc-
cess of. /their video recorder
business,, the rental companies
are counting oh teletext sets to
give a farther boost to a market
which had started to show signs
of flattening out.

During the early 1970s, when,
colour televisions were still a
novelty, most viewers preferred
to rent their sets. But fafling
Tetaid prices and improved
re&abffity have made outright
purchase a more attractive
option for many recent cus-
tomers. Moreover the rental
companies — : lake European
television manufacturers -r-
were slow, six first to respond
to’ the shift in consumer taste
towards small colour sets.

Now the balance seems to be
swinging back. More than two-
thirds of teletext sets are
rented. Thorn Rentals, which

1979 *80 ■81 *82 ' *83 W ’US

jMW HT nw a u i ■M LUafcL WoraaUonurflC-

Martyn Barnes

The picture has been
brightened by demand for sets
equipped for teletext

operates Radio Rentals, DER,
Multibroadcast, Rumbelows and
Southern, says that most of the
new sets going into its show-
rooms are teletext-equipped.

“The clastic pattern, is
repeating itself,” according to
Mr Brian Quitter, deputy chair-
man of Granada Rentals. “The
rental industry is uniquely
placed to bring in new tech-
nology, Colour sets came in
through rental, and the same is
proving true of teletext”

Teletext sets also provide
useful extra margins for manu-
facturers and retailers alike.
They sell for about £80 and
rent for about £2 a month
more than equivalent remote-
control televisions, and the cost
of the special microchips
fitted to them is likely to fall
as production rises.

Rut teletext sets still
account for- less than a quarter
of new colour televisions being
shipped. The industry attributes

much of the underlying
strength of the broader market
to a cyclical surge caused by
replacement of sets acquired
during the <“ Barber boom.*'
when consumer spending was
running at an exceptionally
high level.

Mr Derek Clark, television
products manager of Thorn
Consumer Electronics, estimates
that of the 1.5m large-screen
colour sets expected to be
supplied this year, as many as
125m may be “Barber boom”
replacements. Mr Cohen of
Mallard expects replacements
to continue to underpin toe
market for ihe next two to three
years.

Many in the industry also
believe that, perversely, the
recession may be helping.
Though their analysis is based
more on intuition than hard
statistics, they suspect that con-
sumers are stretching their pay
packets by cutting down on

They’re still
wild about

c bi< *»2t

Across the - herring . pond fisty
and chips are -booming. Chains
with names . Juke Long jJobn
Silver and Captain D . are
spreading ' : 'the -./traditional
British Ffare: across -most' 'rift the
U.S. Icelandic codJs /sought
like gold once: was in California
— “ Americans like it.-, because
they Uke fish that doesn’t taste
like fish,” a.- U.S., fish .arid chip
watcher satcL ' \

But -recently the marketing
problems of . the Philadelphia-
based Arthur Treacher chain of
“ chippies” .have made froni
page news in the U.S. business*
Press and 10,000 small traders]
in Britain, could probabhf teH
the Americans .how they are
getting fish and chips wrong. •••.

An did Yorkshire fish-frier
sniffed- derisivriy when toW .the
American news. • “ They call it
fast food over there, don’t they?
rt'e not. It’s bloody" slow food
if you prepare it properly And

the Yanks talk about ‘sophisti-
cated marketing’! There’s nowt
sophisticated about ' fish and
chips.” • •

Derek Guliahd; general secre-
tary - i of the Leeds-based
National Federation of Fish
' Friers, which embraces 4,000 of
Britain’s- 10,000 fish and chip
- . businesses, wouldn’t go se far
. as that. - But lie says: ‘“We still
' find over here that the fish and
chip business doesn’t lend itself
to chains and franchises— it is

4 still basically a family buisness.
A husband and wife can make

. money, but only if they have
the kind of dedication ybn.ex-
peet from a good pub landlord
and "his wife”

Fish 'and chips are booming
in Britain, too: In recent years
“the traditional corner “ chippy "
did _ lose trade to the new
Chinese and Indian takeaways,
but there are signs of a return
to fish and chips, particularly
in . areas badly hit by the reces-
sion, The business nonnaHy
booms during a recession, par-
ticularly in the days when fish
was a cheap food. 1
. GuUand reports that turn-
over among his 4.000 members
- has increased—' 4 a read increase,
too, because prices haven’t risen
very much.”- The federation’s
strongest areas are in the north,
where , fish and chips are still
xeaBy cheap and haddock is
’ preferred : to cod. “ You’ll pay

5 pertwiw' £L20 for a takeaway
I in London, in Leeds the price
| is still around 40p.” '

■j Connoisseurs. wiU argue that

the - product is better in the
north. Some people say it’s the
beef dripping used in the cook-
ing as against the south's oil.
My Yorkshire fish frier said:
“There are beef dripping
people and hard vegetable fat
people. The hard fat is most
common today, but I’m a beef
dripping man. And we take the
skin off the fish, unlike those

lazy b s in ihe south.”

• The north, of course, has the
industry's flagship, Harry
Ramsden’s, claimed to be the
world’s largest fish and chip
shop, on the main road between
Bradford and Leeds. Ramsden.
now dead,' was a back street
fish shop man who set up his
handsome catering complex in
the early 1930s, the first man
to take fish and chips up mar-
ket

He did weD enough to cele-
brate his 50th year in the busi-
ness, shortly after the war, by
selling fish and chips for l}d
a portion for one night — the
going price when he first

opened' a fish and chip shop.

Ramsden’s still boasts of the
queues of tourists for its res-
taurant and tiie secret in-
gredient in the batter. (My
grandmother, a fine amateur
frier used a pinch of bicarbo-
nate of soda and always claimed
Harry Ramsden pinched her
idea).

One of Ramsden’s ladies said:
“No, we’re still not licensed.
It wouldn’t fit in with our
family image. We serve our
fish and chips with tea and
bread and butter. And we
mush our pwn mushy peas.”

British fish and chips have
come quite a -long way from
the back streets. A lot of
businesses have stayed theTe,
or branched out into shopping
suburbs. “ But we couldn’t
compete with the McDonald’s
and the pizza palaces for prime
High Street sites — the rentals ;
are too high,” one shop owner i
said, adding. “ But we’re not i
doing too badly.” J

The MI5

aide to
larket

disinformation

industry

Question: Who enjoys a punch
on the nose ? ,

Answer: A publisher, particu-
larly before publication- ' ■_/
Eyre Methuen , is publishing
The Druid by Leonard Mosley
(£7.50) on January 18 — and al-
ready the book has caizsed a
barrage of- criticism. -; r
Who worries about embargoes
when pdbliuty^-tiicluding the

S ee from the shadows of
Secret Service men to. •
lat honour has been
ed and lies have been
raid ana when BBC television
exposure has been given ?

"t iMosley's book — classified as
non-fiction, a decision which
puzzled the FTs would-be re-
viewer among others— is about
the . man he claims was Nazi
Germany's only undetected war-
time : spy 5n Britain, wbo. he
suggests; Philby 'ultimately re-
cruited into Soviet service.

. Ex-Secret Service, wallahs are
angry abput the suggestion that
some of them also did a bit on
the side for the Raskfes and the
distinguished • . jurist Ewen

Montagu . (misspelt in the
book) claims' it has 35 major
errors and. completely misrep-
resents Phi lb y^s Intelligence
role. r

So is Eyre Methuen doing
anything about the counter-
inteHigence chappies’ call to
bait publication — or, at least,
classify it as fiction ? “ Heavens,
no ” says publicity director
Christopher Falcifs. “We are
standing four-square behind
Leonard. Publishers back their
authors. MI5 is not an informa-
tion industry — it is a disinfor-
mation industry. Authors are
an information industry.”

Mind you, Mr Faleus would
not reveal what the print order

for The Druid was. However,
he did admit that since the
controversy had broken, orders
from booksellers had hotted up.

Eyre Methuen chairman
Michael Turner admitted that
the rumpus had blown up
quickly.

Of course, the company has
asked Mosley for his comments.
Maybe he did not have his old
Daily Express colleague Chap-
man Pincher to mark his card
about counter-intelligence mat- i
ters — but he says he is in cor-
respondence with the traitor
Ptailby.

As they say in Yorkshire,
where there’s muck, there’s
brass.

Religioas

revival

joI1 s _ vivai

in China

Dr Robert' Runcie, liifc Arch-
bishop of Canterbury,, arrived
in China yesterday, the first lop
Anglican, to visit. country
since the Communist takeover
in 1940.' ' - .:■■/ '

During -bis two-day visit he
hopes to talk to Bishop Ding
Guan Xun, Chairman . o* the
Chinese Christian Council, in
Nanjing in Central China. ; '

Dr Runcie wifi find encourag-
ing signs of - a religious .revival:
in China since Chairman Mao
died in 1079. In ’ 'Kunming hr
South-West ' China recently
workmen were repainting a*
Protestant ebureh on one of the
main streets — one .tHore.of .tfce
hundreds of. • newly opened
shrines of all -denominations.

At the Buddhist Dragon Gate
Temple overlooking Kunming
Lake a whole complex of
monastiy. buildings, was being
refurbished. The • newly gilded
carving and brilliant tiled roofs
shone in the evening sunlight
amid a chattering flock of local
sightseers.

Even the Communist Tarty

journal. Red Flag recently ack-
nowledged that toe number of
religious beliefs in China is now

'“quite large." There are thought
to be about Christians of all
denominations, 1m or so mem-
. bers of the Protestant churches
and the rest Catholics.

The Protestant churches are
quietly thriving; under the
present relatively liberal
leadership of China’s strong
man Deng Xiaoping: In the
1950s, China’s protestants shook
off ' the colonial image so mueb
resented in China, adopting the
; “three self policy” which aimed
- at making the. church self-
governing seif-supporting and

s*etf-i«bpogatiDg. • . ■

Peking is vnSing to allow a
foreign religion to exist and
even maintain links with fellow
Christians elsewhere provided
it is not subject to foreign con-
_froL Bishop Xting has himself
• recently been to the U*S. and
Canada and may come to
Britain this year as part of a
delegation- • „ __ „

At the last count, 160 Protes-
tant churches have been re-
opened and services in the rity
are weH attended. Peking has
returned all church property
sequestrated during toe
upheaval of the cultural revo-
lution plus rents and interest
not paid during that period.

' “While most derics are

elderly, the future of toe
chitrch has begun to look more
promising with IS students
tr aining for the ministry at Nan-,
jing Theological College. Bishop
Ding recently lectured at Nan-
jing University on Christianity
and Marxism and drew an
audience of a thousand people.

' The outlook for catholics is
more problematic, Peking’s
Catholic cathedral is packed on
Sundays with devoted Chinese
of all ages and dozens of other
Catholic churches are open. But
these are run by the Chinese
Catholic Church which split off
from Rome in 'the 1950s. Many
Catholics faithful' to the Vatican
were imprisoned and the bitter-
ness of toe rift stiH affects
Chinese church life.

revolution " by encouraging
minority groups to join the
nationwide effort towards
modernisation. -

The Vatican’s tentative olive
branches preferred in 1980
through the visit of two Euro-
pean cardinals have so far
come to nothing. Indeed the
situation grew worse last year
when Bishop Deng Ytining of
Canton (a Rome loyalist who
had only recently been freed
from prison) was created Arch-
bishop by the Pope. Peking de-
nounced the appointment as '
foreign interference.

There is a tough core of
devotees in all religions. They
kept their heads dawn during
the " cultural revolution ” but
emerged in surprising numbers
at the end in 1976.

Religious belief is permitted
under China's present constitu-
tion and where there are
important minorities, (especi-
ally Moslems) it is no bar to
mid-level promotion or even
to Communist party member-
ship, though this is clearly a
matter of some debate. .

Buddhism and Islam have the
useful side effect of smoothing
relations with the Asian and
Middle Eastern countries which
practice the faith, though
Peking must always keep a wary
eye open for radical pan-
IsJamic movements. By toe
same token, while liberal
attitudes in Peking continue,
toe rehabilitation of Chris-
tianity has helped to broaden
China’s links with the West.

But in recent years Peking’s
policy has been to heai the
rifts in society caused by the
injustices of toe ** cultural

Contributors:

Alan Forrest
James -French
Colina MacDougaU

visits to cinemas and theatres
and spending more time and
money on home entertainment

The reasons for the success
of teletext are less hard to
fathom, however. They owe
much .to an unusually effective
joint effort to stimulate the
market, which has involved col-
laboration between toe Govern-
ment. broadcasting organisa-
tions. set manufacturers and
retailers.

A number of different steps
have been taken. They include
a cut in the minimum deposit
required for rented teletext
tre-ts, joint promotion of teletext
by the BBC and ITV. official
permission for ITV to sell
advertising on Oracle and
changes in the Home Office
rules to allow faster teletext
transmission.

The campaign reached its
climax last October, designated
as National Teletext month.
The Industry Department spent
about £300,000 promoting tele-
text through retail outlets,
while manufacturers ensured
that there w<as an ample supply
of suitable sets on tap. More
than 80,000 sets were shipped
in September and October —
almost double the number in
the first half of the year.

Meanwhile, the range of
information available on tele-
text is Being steadily expanded
to include financial market
reports, shopping guides and
sub-tities for the deaf. It
seems likely to get a further
boost this year, when the BBC
starts to use Ceefax to transmit
information to viewers taking
part in its planned micro-
computer training course.

Britain's decision to push
ahead with teletext is also
opening up export opportuni-
ties. Milliard, the major source
of teletext microchips, says
that it is selling about one third
of its production abroad. Both
U.S. broadcasting companies
arid Japanese television manu-
facturers, which have not

developed teletext systems of
their own, are showing interest
in Britain's technology.

The success, of teletext to
date contrasts with toe largely
unsuccessful efforts to promote
British Telecom's Prestel view^.
data as a consumer service. In
spite of a massive marketing
effort last year Prestel has still
attracted only about 13,000
subscribers, almost all of them
businesses, ‘

Though Prestel is more
sophisticated than teletext be-
cause it allows two-way com-
munication with a central com-
puter, it is also more expensive.
Set prices are higher and there
are charges each time toe ser-
vice is used. The teletext ex-
perience suggests that While
consumers are becoming used to
receiving printed information
on their television screens, they
are not yet prepared to pay for
it.

If there is one cloud on the
horizon, it- is the Government’s
decision to start phasing our
this year the capital allowances
from which television rental

Europe’s makers
scramble
to regroup

The one cloud
on the
horizon

companies currently benefit..
The companies are seeking a
two-year extension of the allow-
ances for teletext sets.

As things stand, the rental
companies' cash flow is likely
to suffer. How that will affect
the television market is still un- -
certain, though the companies
claim that they can supply at* *
additional 100,000 teletext sets
in the next five years if their
request is granted. But given
industry forecasts of more than
2m teletext set shipments in
the same period, it remains to
be seen whether the Govern-
ment will be convinced.

EUROPE’S television industry
has beep going -through a period
Of very. painful readjustment as
it has tried to come to terms
with worldwide over capacity,
too- many small and uneconomic
units and continuing ferocious
competition from Japan. -

The British industry stands
apart from the rest. like other
European countries, Britain has
seen television factories close
and household names withdraw
from the industry. But unlike
the others; there has simul-
taneously been a surge in invest-
ment by Japanese companies,

The result is that; with one
notable exception, the British
television industry is no longer
very British. Five — soon to be
six — Japanese companies, one
Dutch, one U.S. and a Taiwanese
company make the majority of
televisions in the UK.

Sony, toe first Japanese com-
pany to make televisions in the
UK, set up its Bridgend plant
in 1974. It has since been joined
by Matsushita {National Pana-
sonic). Toshiba, Hitachi, Mitsu-
bishi and most recently Sanyo.
Meanwhile Rank and Decca
have both withdrawn front toe
market after huge losses.

But Thorn-EMT survives
and is the single largest pro-
ducer in the country, making
nearly 700.000 seta a year. Two
other British companies make
colour televisions, Rediffusion
and Fidelity Radio.

Elsewhere in Europe toe
situation has been changing
fast:

• Philips, the Dutch electricals
giant and the largest European
producer of colour televisions,

has closed three ot its rffte
European television tube '
factories, and one set factory V
(at Lowestoft hi England) in •"
toe last year. . *

• Thomson- Brandt, toe French
group which embarked on an
aggressive expansion through
acquisition with toe encourage-
ment of toe previous &>vem*
mem, has had to reorganise
itself. Most of toe changes have
been in its two acquired
German subsidiaries, Saba
(which it bought from General
Telephone and Electronics In '
1980 and which has the second
largest share of the German
market after Grandig) and
Nordmende (bought in 1979).

.Thomson-Brandt has also
recently announced it will dose
its tube manufacturing plant in
West Germany which is part of
its subsidiary Videocolor.
Thomson-Brandt recently took |
over the shareholdings of AEG- .
Tel ef unken and RCA in Video- I
color, the only European tube
manufacturer other than
Philips.

• Grundig of West Germany ,
has been forced into an alliance .
with Philips which now owns
about 25 per cent of toe German '
company. Philips' action was
prompted in part by (he fact
that Grundig is a major buyer
-of its tubes. AEG-Telefunken
has also had serious problems.

• Philips and Grundig now
dominate the Italian market
which has seen a number of
companies, including Voxson
and Emerson, withdraw from
colour television production. i

• ITT, the U.S. company
which operated across Europe, -
has also been reorganising. It
has concentrated all its produc-
tion of television chassis in one .
modernised plant in West 1
Germany where it produces lm.
units a year. It bas cut a
number of European plants,
either by selling or closing
them.

Jason Crisp

TODAY: Harrogate International
Toy Fair opens (to January 14).
International Boat Show, Earls
Court (to January 1?}. ‘
TOMORROW: Stationery Indus-
try Exhibition opens, Grosvenor
House. London (to January 13).
MONDAY: Personal sector

account and industrial and com-
mercial companies appropriation
account for third quarter.
November final retail sales
figures. Hire purchase and other
instalment credi-t business for
November. December provisional
wholesale, price index numbers.
Central' bankers meet in Basle.
Mr Alexander Haig, U.S. Secre-

Economic Diary

tary of State addresses Nato
Foreign Ministers special meet
mg to discuss Polish crisis,
Brussels. Mr Nigel Lawson.
Energy Secretary, speaks at Coal
Industry lunch', London.
TUESDAY: Building societies’
monthly figures for December.
Central Government transactions'
for December (including borrow-
ing requirement). Extraordinary
meeting of Greater London
Council to decide on action to' be
taken following Lords’ “Fares

Fair " decision. America and
Russia resume talks on limiting
medium range missiles in
Europe, Geneva.

WEDNESDAY; Index of indus-
trial production for Wales,. third
quarter. Rail strike threatened
by ASLEF . train drivers. Mr
Humphrey . Atkins, Lord Privy
Seal, starts visit to Japan (to
January 17).

THURSDAY: UK batiks’ assets
and liabilities and the money
stock for mid-December. London
dollar and sterling certificates of

deposit for mid-December.
National Union of Mineworkens
begins two-day pithead ballot on
pay claim. EEC two-day seminar
on energy begins, Baden-Baden, ‘
West Germany. McDoonell-
Douglas meets international air-
lines to discuss problems of DC10
aircraft, Los Angeles.

FRIDAY: December retell prices
index. Tax and price index for ,
December. Usable steel produc-
tion figures for December. EEC -
Foreign Ministers start two-day
meeting to discuss Poland and .
Market reform, Brussels. UE.-
EEC-Japan two-day trade talks
open, Miami.

Hevac82

24th-28th May, 1982-
N.E.C. BIRMINGHAM

The 12th International Heating, Ventilating and
Air Conditioning Exhibition twinned with the 3rd
European Exhibition of Refrigeration and Air

Movement

Sponsored by:

Heating, Ventilating and Air Conditioning
Manufacturers Association (HEVAC)

Comite European des Constructeurs de Materiel
Frigerifique (CECQMAF)

Comite European des Constructeurs de Materiel
Aeraulique (EUROVENT)

Information for Exhibitors cofitact-
Mrs. Fran Foster
Information for Visitors contact:-
Mike Coverdale

Industrial & Trade Fairs Limited,
RadcJiffe House, Blenheim Court Solihull B91 2BG
Tel: 021-705 6707

Ajstutiiufif

fiM lia ll pMP

f

: V

Financial Times Saturday January ? J8SB .

Companies and Markets

UK COMPANY NEWS

Satellite TV placing raises £4m

BIDS AND DEALS

Satellite Television, Britain's
first satellite broadcasting com-
pany. has raised £4m t>y a placing
of convertible unsecured loan
stock- With the funds in hand,
the group says U now hopes to
begin *0301108 television pro-
grammes across Europe via
satellite by early spring.

Eight industrial companies,
including Ferranti and Ladbroke.
subscribed for the stock along
.with 18 financial institutions.
SATV, formed in 1980, initially
aims to transmit an English-
language commercial television
service in Western Europe-

Mr David Berriman, chairman,
says the group's placing was
oversubscribed by nearly £lm.
The convertible stock carries
with it the possibility of a
further call of up to £6iu in
largely convertible loan stock.

Last September, the European
Telecommunications Satellite
Organisation (Eutelsat) agreed
to British Telecom's request on
behalf of SATV to transmit via
Orbital Test Satellite {OTS) for

up to six hours per night during
the week and ten hours each on
Saturday and Sunday. . '

Satellite TV expects the prin-
cipal source of its revenue to
come from advertising, citing a
large unsatisfied demand for
television advertising in Western
Europe— Belgium and Denmark
do not allow advertising on
national television while many
other countries limit advertising.

At the moment only certain
towns in Finland, Norway and
the Netherlands have cable
svstems equipped with reception
dishes which could receive trans-
missions from OTS. So far, only
the Finnish telecommunications
authority has approved the
reception of SATV 5 transmis-
sions but approval from the
Dutch and Norwegians is
expected shortly. The UK group
hopes more countries will give
their approval once the service
begins operating.

According to the prospectus
issued by SATV, the OTS will
have run through its fuel

DIVIDENDS ANNOUNCED

^ corre- Total Total
Current of sponding for last
payment payment div. year year

Heavitree Brewery 15.9 ^ar. 6 . 22- 5 |0.4

Ley’s Foundries 0.5 Apnl 1 0.95 Ofi -

Unl—rt W Lowe .... 2.6 April 1 2.05 AM

*Md"nd? shown pence per shire net except where otherwise sttlei
* Equivalent after allowing for scrip issue. 1 On capital
increased by rights and/or acquisition issues.

LRC buying Napcolour for £^5nr

LRC International, the rubber over 3,500 chemists and photo- house, purchase co j^* d era- merger will provide

mouldings and pharmaceutical graphic dealers for whom it Con will m C w £th national coverage

products group, is paying some provides a complete developing existing resources .ox- . f ' while the -addition of * .Nap-.

products group, is paying some provides a complete developing existing resources of ^ the . addition ' of * . Nap-.

£4.5m for Napcolour, one of and printing service- Profits of Napcolour oexore . - g preeprint operations-

Daifai^'n lflwvnrf nVntft nrAfliiroinn ^hortarliAnea mnoctOrl in ■■Anonama nt i-harees. tax. anu . .. nrpspnflv

£4.5m for Napcolour, one of and printing service- Profits 01 mpuuwu colour's Freepnnt operations

Britain's largest photo processing Charterhouse invested in management charges, tax. ann -.^ enhance. • the presently
businesses. Napcolour when it was a rela- extraordinary items, feu rrom involvement of United

The business is being acquired tively small business and the fi.ofim to £513,000 ra the year p hotogra phic on the Continent.

The business is being acquired tively small bumness and the fi.ofim to £513,000 in the year p j, 0t0gz ^phic on the Continent,
from the Charterhouse Group, company felt that that it now iggO. Sales amounted to £L..3om. erowth in the photo-

: - * a 1 1.: j A** U TlTOfitR TOT ***_ _ ^ . '_=

uuui uic VjUOI LCiuuuaG uiuuy, Lum^auv lcu uwl uaav o otuw — ~ . TO© gTOWul iu -uiv

the investment and banking con- seemed sensible that it should The company expects profits, tor ^ processing market in

glomerate, and the deal repre- leave the Charterhouse fold and 19 gj tq show some improvement ® eceQt years has been consider-

seats the completion of talks became a more dominant force on iggo. ab j t LRC believes' that '.com-:

announced last November. in the market' t p a t the acquisition piementing each other- the two

LRC already has a photo- Under the sale agreement . ^ stren ‘gthen substantially the businesses have potential* for

graphic company in United LRC will pay an amount equal eu-rpccftii involvement of 1 LRC further sustained' growth.

Dhntnfmrnkin T 'T'Ki* tOfirnMo 96CPf$S fit • mi a *e' nrO. a -1«iot hlfft ' VikSTE

reserves by 1983 and no longer
be of use. As a result, SATV is
actively seeking a successor
satellite to OTS. Eutelsat is
planning a series of Euro-
pean Communications Satellites
(ECS), the first of which will be
launched in mid- 1982. SATV has
sought British Telecom’s assist-
ance in securing the right to
transmit via ECS but British
Telecom has been unable to
make any commitments on avail-
ability so far.

The new investors in SATV
have holdings varying from 1 per
cent to 10 per cent. Among those
bolding more than 5 per cent
are Industrial and Commercial
Finance Corporation, three
major insurance companies.
F and C Management and
Forranti and Ladbroke.

Satellite TV’s financial advisers
are Barclays Merchant Bank and
Guinness Mahon. Brokers to the
issue are James CapeL
See Lex

sents the completion of talks became a more dominant force 0Q iggo.
announced last November. in the market' TT!r .

• u uuiivu U1.U ■■ *-** r—j — — - _■ SUCCeS&IUl — . ■ luruiei auaituu^" B—

Photographic Laboratories. This- to the net tangible assets 01 . 0 f photographie-pre- • over- the last two years

operates in the South of England Naocolour group at November „ fftr the retail and rv.arterhnuse has sold - most of

— -1 _™— — — — w — - . IU me nmu ui |/iivTO6.“r'— - r — *. — _ _

operates in the South of England Napcolour group at November cess - f 0r the retail and charterhouse has sold - most of

while the Napcolour business is 27 1981 (some £1.9m), plus professional sectors- its -larger wholly owned ihdhs-

predominantly in the North and £l.l6m cash. In addition it is * M ;. c +W United Photo trial subsidiaries. 1 It plans to
West . intended tlrnt a dividend ofjElm LRC lags that umi« - inVest sale . proceeds -to

Napcolour operates a daily — after tax credit of £4KjM0— ®f a i. owt h ^ recent years and is smaller companies. .

collection and delivery service to be paid by Napcolour to Charter- of growth m recent ^ ....

-.f

London Shop rejects improved

Low value put on Ashton gems

BY KENNETH MAR5TON. MINFNG EDITOR

tpst VALUATIONS placed market the Ashton diamond pro-

R. H. Lowe
down at

LATEST VALUATIONS placed
by De Beers’ Central Selling
Organisation on samples (13,240
carats) of diamonds from the
big AK1 diamond pipe at the
Ashton discovery in Western
Australia range from U.S.S7.75
to U.S.SS.40 per carat.

Announcing this in the latest
quarterly report the Ashton
joint venture leader. CRA. says
that the valuation was based on
a sample from one location
only. Further samples from the
southern section of the pipe are
being obtained for detailed
valuation early this year.

This is a very low value by
gem diamond standards and re-
flects the “near gem" quality of
the stones. Tt is also below
earlier valuations made by the
CSO and others of samples
taken from other parts of the
property. . .

A decision is still awaited on
the vexed question of who is to

duction, although marketing in-
vestigations are stated to be
nearing completion. It is re-
ported that CRA will submit
the available options so that one
can be selected.

This will' then have to be
approved by the Western
Australian State Government A
decision is expected within six
months. Earlier it was being
assumed that De Beers wouJd
handle the marketing hut while
no decision has been reached
there has been Australian
political opposition to the
suggestion.

An agreement has been signed
between the joint venture
partners— -CRA, Ashton Mining
and Northern Mining— for com-
mercial mining operations and
the latter’s possession of the
respective mining tenements has
been confirmed.

A feasibility study has been

begun in preparation for a
decision to go ahead with the
final design and construction of
a large scale commercial treat-
ment plant Engineering studies
centre on a proposal for a plant
with an initial annual capacity
of some 2.25m tonnes of kimber-
lite one.

As already reported, it is
hoped to start initial diamond
production on a small scale by
the end of this year and to reach
a full annual output of as much
as 20m carats of diamond by
1986.

Meanwhile, further sampling
work continues to confirm the
expectation that the prospect
contains a very high concentra-
tion of generally small near gem
and industrial quality diamonds.
The total of diamonds so far
recovered in sampling now
amounts to 253,912 carats from
86,4X5 tonnes of ore.

year-end

London Shop Property Trust,
which is in the process of merg-
ing with its sister company
Beaumont Properties under a
£21m agreed offer has rejected
an improved offer from Rose-
haugh Company, the property
company headed by Mr Godfrey
Bradman.

ACC meeting next Friday

BY JOHN MOORE

Lord Grade, chairman of
Associated Communications Cor-
poration, the entertainments con-
glomerate, gained the approval
of voting shareholders to adjourn
the EGM authorising the record
compensation package to the
group’s former managing direc-
tor. Mr Jack Gill.

The meeting has been
adjourned until 10 am on Janu-
ary 15. at the group's head-
quarters in Great Cumberland
Place.

In a statement to shareholders,
before he put the resolution for
the adjournment. Lord Grade
said: “You will know from
reports in the Press that since
the notice was sent to you the
representatives of the Post Office
Staff Superannuation Fund has
requested the High Court, first,,
to restrain the company from
making all or any part of the
payment to Mr GUI that is the
subject of the first resolution."

“ Secondly, the house in which
Mr Gill lives should not be sold
to him on the terms set out in
the second resolution. And,
thirdly, to quash any resolution
passed by this meeting. As you
are aware the whole matter is
the subject of proceedings which
come before the High Court next
Monday, January 11 1982. It
would seem prudent that the

meeting should be adjourned
until the outcome of the legal
proceedings next Monday is
known and considered."

Mr Norman Collins, an ACC
director, seconded the motion for
the adjournment

Lord Grade told shareholders
that the resolution for the ad-
journment would be decided by
a show of hands, “to obtain a
speedy result," and added that
such a vote would not prevent
members attending from demand-
ing a poll. He. told the non-
voting shareholders that they
were not entitled to vote.

After the resolution was
adopted. Sir Michael Ciapham,
the former chairman of BPM
Holdings, the holding company
of the Birmingham Post and
Mail, which owns 5 per cent of
ACC voting' shares, .said that
BPM Ifid indicated that it might
call for a poll on the resolutions
authorising the payments to Mr
Gill, but was not planning to
ask for a poll on the adjourn-
ment ' _

He said to Lord Grade, that
“the time will come later when
you give up a proper explana-
tion," for the departure of Mr
Gill, at which time BPM will
consider whether a poll is
necessary. • J .

At the start of yesterdays
meeting, which lasted barely

five minutes, voting share-
holders were asked by Lord
Grade to approve the presence
of non-voting shareholders.

The resolutions regarding the
payment ' to Mr -Gill read as
follows:

“I. That pursuant to section
191 of the Companies Act 1948
the proposed payment to Mr
Jack Forest Gill of the sum of
£560,000 by way of compensa-
tion for loss of his .office as a
director of the company and of
all other ' offices and employ-
ments with the company and its
subsidiary and associated com-
panies. together with interest on
toe said sum at the rate of 6.25
per cent per annum from
December 7 1981 to the date of
payment, be and the same is
hereby approved.

“2.- That toe sale to Mr Jack
Forest Gill by toe company’s
subsidiary, Bentray Investments,
of toe freehold property at
Kingswood, Surrey, owned by
Bentray and occupied by Mr
Gill since July 1975 for the sum
of £165,822 be and the same is
hereby approved."

These resolutions will still he
before ACC shareholders at next
Friday's meeting, which depend-
ing on toe outcome of Monday's
court proceedings may not even
■ then be voted on.

A SEVERE reduction from
£718,921 to £241,318 in pre-tax
profits is reported by Robert H.
Lowe and Company, clothing
manufacturer, for toe year to
October 30 1981. The final divid-
end is raised, however, from
2.057p to 2.6p for a total of
3.265p compared with 2.722p.

Turnover was down from
£7 Jim to £6.94 m.

First half pre-tax profits fell
from £303,015 to £132,394.

The board says that in recent
months there has been a marked
improvement in the group’s
trading position, and all produc-
tion units are now working full-
time. The forward order position
has also shown a degree of
improvement, compared with
1981, and sufficient orders have
been placed to ensure continued
production well into 1982.

With these factors in mind, toe
board has every reason to look
forward to a satisfactory year's
trading, providing the economic
climate remains favourable.

There was a year-end tax
credit of £189.470 (£380,491

charge), leaving attributable
profits higher at £430,788 com-
pared with £338.430. Stated earn-
ings per 25p share rose from
10.54p to 13.45p.

Attributable profits on a CCA
basis were £233,447 (£89,413).

The revised terms, which are
stated to be conditional on a
recommendation from toe - Lon-
don Shop board and on share-
holders not approving the pro-
posed merger with Beaumont,
are worth 150[p per share and
value the entire London Shop
capital at £19.03m.

Rosehaugh already owns 21.4
per cent of the London Shop
shares which it acquired under
an option agreement from
McLeod Russel and its associate.

Broadland Properties, earlier
this month.

London Shop said yesterday
that the revised offer “ still falls
'well short of toe underlying net
asset value.” The directors said
that they would strongly recom-
mend rejection of the offer were
it to proceed. The company puts
the net asset value at around
209p.

Under the proposed new offer
■ holders of every six London Shop
ordinary would be offered one
new Rosehaugh share, 460p in
cash and l&Op in a new con-
vertible unsecured loan stock to
be created on terms so that such
stock would have a market value
of not less than par.

Rosehaugh said that at a meet-
ing with London Shop on
Thursday -toe directors indicated

that they would “ give urgent
consideration to any revised pro-
posals in the light of pending-
proposals for the merger
between London Shop .and
Beaumont" which is to be put
to a meeting of shareholders for
their approval next Wednesday.

It also said that it reserved
the right to proceed at any time
with an unreco nun ended offer.

London Shop said it would
decide whether its shareholders
wanted the meeting to approve
the Beaumont merger to go
ahead. It said it had strong
support from its major share-
holders to go ahead with the
merger.

Rosehaugh added that it
remains of the view that the pro-
posed merger terms are inappro-
priate and uhecessariiy costly
from toe point of view of London

Shop and that -toe . proposed- '
merger offers a no. real benefits tor.
-■London - Shop* holders. ■.-•• ••

Rosehaugh -plans to vote, its
21.4 per cent holding ag ainst the
merger resolution and urges sriT •
.London Shop shareholders-;!©
vote likewise. I- . . .

It said it planned to make ak
offer to the holders of thefifi per
cent convertible ; loan stock _:-qf
London Shop, valuing each £100
of such stock at £180, and make
an appropriate offer of proposal
at toe holders of toe 9 per cent
convertible loan stock following
discussions with the -trustees. ■

On.the London Stock Exchange -
yesterday London Shop 'shares
gained 4p to 140p while Rose-
haugh fell op to 250p. London
Shop . 6} per cent convertible
stock gained £16 to £178, -

Mr Nadir raises £4.5m
with Polly Peck placing

Habitat answers critics

Ley’s £2.4m
in the red
at year end

Heavitree
expands to
£686,850

Stanelco chief expects
loss at interim stage

Pre-tax profits of the Exeter-
based Heavitree Brewery
increased from £594.730 to
£686,850 for the year ended Octo-
ber 31 10S1. on turnover of
£3. 63m, against £3.2Sm.

From earnings per £1 share of
72.2p (63.2p) toe dividend is
stepped up to 22.5p (20.4p) net
with a final distribution of 15.9p.

After tax of £330,118'
(£304,727), exceptional credits
amounting to £37,977, against
£1.130, and an extraordinary
debit last time, of £3&,1S6, tbe
attributable balance emerged
well ahead at £394,709, compared
with £254,947 previously.

On a CCA basis after-tax
profits are shown as £355,911.

Wood & Sons:
pref. dividend
explanation

Trading during the first six
months of the current year at
Stanelco, electronic and mechani-
cal equipment company, which
came to the USM last June, has
been very slow and. Mr John
Wilcox- Jones, the acting chair-
man, tells members he anticir
pates a loss for the period.

The level of enquiries and
quotations is encouraging, but
the long lead-times associated
with investment projects in toe
group's .main, areas, make it im-
possible, he says, to predict con-
fidently toe level of turnover
that can be expected during this
year.

He adds that directors are con-
vinced that Standee's technical
expertise will ensure that a sig-
nificant proportion of this busi-
ness, as it materialises, will be
obtained by the company.

In his annual report, toe chair-
man explains that toe company-
is currently awaiting test
results of the installation of its
optic fibre furnace at British
Telecom's research laboratories
near Ipswich. .There- has been

a delay of about six months in
the construction of- the building
to house the optic fibre drawing
tower which holds toe company's
equipment and this area of its
'activities has therefore to date
*• not been able to make the
expected contribution to toe

company’s turnover.”

Stanelco, he states, has been
awarded a Department of

Industry research grant for

work -on optic fibre technology,
from the £25m research fund.

Since the signing of the
accounts in November the com-
pany. has instituted a claim
against a third party, a major
international company, for a sum
in excess of that presently
claimed against the company —
approximately £212,000.

The serious technical problems
associated with this claim have
made sales in this area difficult
to achieve in toe first half of the
year, Mr Wilcox-Jones says.

Mr W- M. Barakat,.. a. .vice-
president of Solidyne and the
finance director of Stanelco, has
recently left the group.

DESPITE A much better second !
six months Ley’s Foundries and
Engineering still finished the
-year to September 30 1981 m
the red. the pre-tax figure
emerging at £2.43m, compared
with a profit of £536,507.

A better second half was
anticipated by the directors id
their interim report but they
said at the time that a further
improvement in orders was
necessary before the group
returned to profitability.

At midyear a taxable loss of
£1.61m was reported. However,
the directors now state that
since the year end a substantial
overstatement of stock value
which had taken place over a
long period had been discovered
in a subsidiary, Beeston Boiler
Company (Successors).

They say that of the previously
undiscovered loss it was con-
sidered that £350.000 should be
apportioned to the first half
which increases the reported
pre-tax deficit for that period
to £1.96m, and leaves the second
six months loss at £466,000.
Comparisons have been
adjusted.

Turnover for the year
declined from £28. 08m to
£24. 94m. Tax took £48,746
(£147,875) and after extra-
ordinary debits last time of
£2.32m and preference dividends
of £61,950 (same) the attribut-
able loss for ordinary share-
holders came through at £2. 54m
(£1.99m).

Loss per 25p share was 24.4Sp
(3.15p earnings). After omit-
ting the interim dividend the
directors are reducing toe final
to 0.5p net — for 1979-80 an
interim of 1.05p was followed by
a final of 0.95p.

MR ASIL NADIR, chairman of
Polly Peck Holdings, has placed
a substantia] amount of his
shareholding in toe company
raising £4.55m.

Restro Investments, a Jersey-
based company, in which Mr
Nadir describes bis involvement
as a “substantial beneficial
interest," placed 1.3m shares in
Polly Peck at 350p each yester-
day with 16. institutions. This
reduces Restro’s holding in Polly
Peck to 2.9m shares— 40.3 per
cent worth • £10.6m— and in-
creases the institutional base to
around 40 per cent

Restro paid 9p a share for its
original stake.

The placing was arranged by
stockbrokers L. Messel. The
market price of Polly Peck
slipped back lOp to 365p at toe
close.

Mr Nadir said yesterday that
the placing was made because
of the substantial level of
demand from institutions which
could not be satisfied by buying
in the market, where the number
of shares available was very
limited.

Restro has given an under-
taking that it will not make any
further disposals for two years.

Restro bought into Polly Peck
in March 1980 with a 9p a share
offer valuing the whole com-
pany at £470,000. The Zeiker
family, who had until then con-
trolled the loss-making, ladies
fashion company, agreed to sell
out their 57 per cent holding at
that price. In all, Restro's offer
closed with acceptances of 58
per cent

Later that year PoUy Peck
launched a rights issue at 75p a
share to finance a corrugated
packaging plant in Cyprus.
Restro took up its entitlement

In toe 174-month period to
August 31 1981 Polly Peck made
profits of £2.11m.

Wearwell, another company
chaired by Mr Nadir, recently
launched a rights issue to raise
£5 .2m. Mr Nadir has indicated
that he will take i#p his entitle-
ment in full at a cost of around
£675.000. He is also believed to
be setting up a trust for his
children.

A special “ case " committee ;
formed by toe National Associ- ;
ation of Pension Funds to raise
criticisms by their members
who have invested in Habitat,
the home furnishings group,
said yesterday that its criticisms
of a merger of Habitat with
Mother care, the specialist retail
chain, had been answered.

The National Association said ~
that its case committee met'
yesterday with Morgan Grenfell
and Co. Habitat's merchant
bankers.

The committee “requested;
amplification of toe commercial -
logic of the merger; in particu-.- .
Iar future organisation and-
geographic spread and product t-
mix.”

The Association said that “ the
case committee is now satisfied
that these areas have been'
studied in considerable.' depth
by the Habitat and Mother-
care managements and their .
advisers.”

Dumgoyne adds
to its stake

“ The case committee also -: .
understands' that Mr Terence-' ,iv :
Conran. 1 (chairman of Habitat)
will he. making- a press ■ state- .-,
ment in which he will cover the-.-
main points raised by toe co .
mittee- All Habitat shareholders
will be able to ask questions- .
at toe shareholders meeting'
next Thursday." . ■ — . .

• Last; night advisers to
Conrap said that the statement
woulij not .be ready until this :

m orning . .

Thfer settlement of differences
has qome at a time when the .
institutions . were growing angry r
oyer * the £117.6m . takeover qT
Mothercare by Habitat

The apparent lade of explana-
tion > of the rationale behind a
bid. by -a company, which they
had' been investing in only since
October, when Habitat came to
the stock market had caused
concern, particularly since
Mother care was -a larger com- ;
p^oy_than Habitat .

Howden’s increase passed

in MadeUan

At yesterday's meetings of
Alexander Howden there was
scarcely a sign of opposition to
the bid from Alexander and
Alexander, the U.S. insurance
broker. Of late there has been
rumours that the institutions
were becoming uneasy over the
takeover.

An extraordinary meeting
passed a resolution to increase
Howden's authorised capital in
just over 30 seconds, without
questions or contrary votes.
Then the shareholders trooped'
off to a smaller room at the
other end of the Great Eastern
Hotel to assume their warrant-
holders' role.

The second meeting was
caHed to consider a proposal to
cancel the warrant rights in ex-
change For £112.50 in cash. Mr
K. Grob, chairman of Howden
immediately called for a poll.
Although only 14,731 votes were

cast — representing under half
the warrants— the poll was 9L8
per cent in favour.

Mr Paul Kelly, a partner in
stockbrokers L. Messel, *had
brought with him 7,300 proxies
to- cast against the proposaL But
he abstained in the belief that
as fewer than half the total
number of proxies had been cast
in advance, he might thus, be
able to force an adjournment
The Alexander party had fore-
seen this tactic and bad
ensured a quommr-despite
appearances— by . purchasing
warrants in the market

The offer expires on
January 22.

Sangers Group — Scottish
Amicable Life Assurance Society
and its subsidiaries have reduced
their holdings to 240,000 ordinary
shares (below 5 per cent).

Dumgoyne Investments has'
increased its stake in P. and Y(.
Maclellan Scottish engineer
supplier and paint manufacturer
to 5.1 per cent

Tbe company said toe stake
has been bought with a view to
future co-operation, and informal
meetings have taken place
between the. two companies..

There is no intention to bid
.for the company, and toe shares
have been bought with st view -to
their long-term investment poten-
tial and high underlying net
asset figure. . ' I

TOWN CENTRE BUYS fe

Town Centre Securities has
acquired toe capital of Shofe-
beach Investment Company by
toe issue to the vendors of
216,000 new ordinary shares of
25p.

The sole assets of toe company
are office premises of approxi-
mately 8,000 sq ft at 18 Yotk
Place, Leeds.

Mr Ross lifts
Samrie stake
to 28.42%

Mr 'Harvey Ross has increased
bis. stake in .Sumrie Clothes Is.
710$00 shares, representing
28142 .per cent and -he- intends
tor lift his holding in' the com-
pany to 29J9 per cent ■'

As -soon -as it reaches 1 ' this
level Mr Ross intends " to
approach Samrie' with “definite
propositions." - He hopes that
this will be carried out shortly.

Mr Ross says he is .currently
looking for interesting proposi-
tions* which fit into the group. .

USCLE!

CON-ECOSSE .

; Con-Ecosse and Co. the' Edin-
burgh-based offshore engineers
and contractors to the r oil and
gas industry, has acquired
Robertson and Fergnson, steel
tube manufacturers- .and -struc-
tural steel fabricators ot Glen-
rothes, Fife.

A cash offer of £65i;000 was
made for the Fife company add
recommended for acceptance by
its directors.

Results due next week

RTZ ACQUIRES
MORE WARD
Rio 1^1110 .Zinc acquired a
further 700,000 sbares in Thomas
W. Ward on Thursday and its
stake now stands at 26.1 per cent.

RTZ paid 230p per share (cum
dividend) which equals the value
of its increased £I30m offer, plus
toe final dividend. '

Wood and Sons, the Stoke on
Trent pottery company which ;
was put into the hands of the
receivers at the beginning of
December, explains in a letter
the circumstances surrounding
the declaration of a preference
dividend on October 22.

The company — which showed
a loss of £288,000 in the first half
of 1980— said that the dividend
declaration was made “respon-
sibly and in good faith having
regard to all toe facts known at
the time.”

In November, however, toe
company's cash situation rapidly
deteriorated in circumstances
which were not foreseeable at
the time the statement was made.
The company's auditors were
called in last November to report
on the financial situation and
the company said it soon became
apparent that toe reserves from
which toe preference dividend
could be paid were exhausted,
and therefore it had no option
but to pass toe dividend.

The company said that it had
no alternative but to ask its
bankers to appoint a receiver. _

Strong world growth for GRE

STRONG GROWTH in 1981 on
its worldwide life and pensions
business is reported by Guardian
Royal Exchange Assurance, with
new annual premiums ■ im-
proving by 13 per cent from
£37.6m to £42. 4m, and single
premiums jumping 64 per cent
from £19.?m to £32.3m. New
sums assured were 43 per cent
up at.£4^$bn.

Ordinary life business in the
UK was. buoyant with annual
premiums up by a quarter to
£13m: -Sales of the group's
Dynamic Cover plan were par-
ticularly buoyant But annual
premium group pensions re-
mained level at £14J6m.

The company had a good year
for self-employed pensions
business, with annual premiums
rising by a quarter from
£550,000 to £700,000, and single
premiums by a half from
£650,000 to £lm-

The group’s unit-linked life
and pensions operations also
had a good year. New, an nual

premiums on .the ordinary
linked life -.business run by its
subsidiary GRELL nearly
doubled from £450,000 to
£800;000, while single premiums
nearly, trebled from. £2.8m to
£7m.

The managed fund subsidiary
for pooled pension fund invest-
ment had a good year thanks to
its excellent investment record,
with new premium income up
50 per cent to £18m in a year
when toe recession has severely
limited pension growth.

The Eagle Star Group also
reports buoyant single premium
business for 1981 with world-
wide premiums up 50 per cent
from £70-3m to £105.3m. But
new annual premiums world-
wide rose only marginally from
£38.9m to £39m.

New annual premiums on UK
business showed a slight fall
from £5.9m to £5.7m, with good
grbwth in building society
linked savings . schemes being

offset by lower mortgage-
related business.

Self-employed annual pre-
miums were uneftanged at
£600.000, but single premiums
jumped 60 per cent to £1.7m.
UK group pension business was
dull with annual premiums on
insured schemes falling 7 per
cent to £20.4ra from £2 1.9m.
However, group single premiums
rose 19 per cent from £5.8m to
£6.9m.

Immediate annuity business in
the UK remained static at
£51.4m, but there was a sub-
stantial increase in single
premium bond business, mainly
fron re-investment of maturing
bonds, and amounts rose from
£800,000 to £7.im.

The managed fund subsidiary.
Eagle Pension Funds, reported a
slight decline in annual
premiums from £2.Sm to £2.5m,
but a fourfold jump in single
premiums from £4.4m to £lSrn.
A further £4.4m qf annual
premium came from transfers
from insured schemes.

Analysts expect interim pre-
tax profits of around £46m
against £38. 6m last time from
Thom EMU on Thursday. TV
rentals has held on to most of
its subscribers, but the expan-
sion of tbe new VCR business is
thought to have led to slimmer
margins. Capital expenditure on
VCRs has been very high. Gear-
. ing is now thought to be over
50 per cent, with' fears of a
rights issue weighing on toe
share price. Domestic appliances
are -holding up well despite the
consumer recession, though there
has been some cut back in .
capacity. Lighting in particular
is expected to show the benefits
of rationalisation.' Full year pre-
tax profits of about £110m are
I on ’the cards, but ■ depreciation
costs in the VCR area win be
significant.

There is a wide range of profit
I forecasts for Racal Electron ks,
whose interim figures will be
j reported on Wednesdays. Some-

thing in the region of £45m pre-
tax is the most popular estimate,
against £26.5 m last year. The
uncertainties are based on
currency swings, and the comple-
tion of large contracts. Much of
the improvement should come
from Decca, with benefits coming
through from the substantial
reorganisations. In toe tactical
radio market Racal bas come
under strong pressure from
Plessey, but on too CAD/CAM
side, Redac is thought to have
gained directly at toe expense
of Quest- Data communications
have been picking up, though
AT and T will be competfing
strongly following deregulation.

If the year's trading were the
whole of the matter, most
observers would be expecting
5. and W. fieri sford to do little
more than' match' the £30. lm it
earned before tax in 1980. The
food processing businesses are
thought; to have had an awful
year, and times have not been
easy on toe commodity front It

now- seems likely, however. ,toat
Berisford will treat its 4d per
cent share in the profits of
British Sugar as -an associate.
Berisford's bid for British Sugar
is now in ■ abeyance uhtif. toe
summer, when — unless British
Sugar can reach a surprising
accommodation with. Ranks
Hoyi 5 — a renewed assault from
Berisford is widely expected to
succeed. One relic of the 1981
campaign is Berisford’s dividend
forecast of 7fip net: further
generosity is not expected.

A ' slump in revenue from
provincial newspapers- is ' 'ex-
pected to depress profits- - at
Asodated Newspapers for toe
year ended September 30. The
company reports on Thursday
and the market is looking for
pre-tax profits of £18m- to £19m
against £22. 5m last time. The .
provincials' contributions to •
profits could be half last year’s -
level of £15m as a result of high'
newspaper costs, bingo wars anff;
plummeting advertising revenue.

It appears, -however, thar toe
decline may have hit bottom.
Woes in the newspaper division
have been mitigated .by some
fSm in loss-elimination from the
closure of toe 'Evening News '
late m 1980. Other divisions
appear- -to be marking'- . time.
Hopes for a return to good
growth over the next' two. or
three years are pinned an the
£12m launch of' the' Sunday Mail'.'
• next May - ■- and ■ continued
.improvement. . in . advertising!
revenue. . The dividend is
. expected to *be held at 10.4p;

- -'-Other companies . - ’ reporting

- next- week- include Reo Stakis,;
-.5GB and ML and - G, whose'

respective preliminary . states
mesto are due on Wednesday/-
Tuesday and Thursday, and
. Allied Colloids ( Wednesday),
Dixons . Photographic . (Thurs-
day), Hogg Robinson .(Tuesday),
Magnet and -Southerns (Monday),
Raybeek (Friday) and H. Wigfall
(Friday), all' of whom are bring-
ing out interim -figures. - ■ .- . ■

'+• .

V ^ ,

Company

Announce--

ment

duo

Dividend f’p)*
Laatyaar This year
lot,- Fmal lot,"

> . *. •
i ; I ;

Company

PINAL DIVIDENDS

Assoc is led Newspapers Group

Barr (A. G.)

Bartstord (S. and W.)

Bett Brothers

Braid Group ■ ■

Clavartioute Investment Trust ..
Daily Meil-and General Trust ..

Qewhural and. Partnor

French (Thomas) and Sons ... .

Investors Capital Trust

Konnlnp Motor Group . .

Li n croft Kilgour Group ....’

M. and G Group

M. and G. Dual Trust

Muirhaad

Oak wood Group

Raabum Investment Trust

SGB Group

Stakis (Reo) Orgamssiion

Tuesday

6.0f —

INTERIM DIVIDENDS

Cantors
Coca It .

'4.5

5.9

4.5

1.25

3.6375'

'1.25 '

Thursday

2.1S857

4.33333

S''

Tuesday

1.2

1.S

Monday

—

—

• —

Mondsy

235

4.15

2.25

Thursday

11. ot

16.5

11-0 -

. —

0.15

- —

Thursday

2.0

3.0

2.25

.. . Tuesday .

1.5

1.55

1.5

. . . Tuesday

1.75

3.75

1.75

.. . . Tuesday

-»

-v

. .. Thursday

— '

10.0

EO

. Wednesday

8.5

9.85

9.05

. .... Thursday

—

— .

1.0 .

Tuesday

_ —

4.5 -

2.0

Fndhy

2.0

*.35

Ugr

..... Tuesday

2.3

3.0

UMMi

Wednesday

0.4

1.0 ;

r

... Wednesday -

0.044

2,087

.... Tuesday

—

0.25

JL ®

2.0

7.0
n ni

Thursday

1JS -

U.ui

2.0

Courts Furnishers

Danes Investment Trust

Diamond Stylus

Dixons Photographic

Ellis end Evererd

Greene King end Sons
Gresham Investment Trust ...

Hogg Robinson Group

Hollas Group .

Jonas Stroud (Holdings)
Magnet end Southerns
Racal Electronics *

Ramora (Jewellers)

Ray back

Samuel (H.-).

Stead and Simpson

Stoddard. Holdings .......... ..

Svmondfi

i-.^i

Announce-
ment .
due
Monday
Wednesday
Friday

Thursday -.
Monday
Thursday. , ..
Wedneedey
Tuesjlay - ‘

; Tuesday ‘
.Thursday
"Monday 1 -
Wednesday
Tbeaday
Friday
Monday
Tuesday - .
Friday
Thursday
.Thursday '
Monday
Friday

Dividend fp)* .

Last year .. TMvye*r
Hit Final- -.'(nt

1.75, 1.95 .. -

1.5' 2.4 ■

I »-

: V ►

131 28
■ 2.27273
2,1-
OM.
3.0 -

•IS • _

.2.0-7 7-'

1:1s ■

0. B7 ■
7 * 1 . 131 -

1. B

10. . "■

2.17875
3.B3636: ■
4;2

.2*5.-

-3d)

4.0 v .

3'2

3.0
3.4

1.63-
1713. • '

4.75.

2.5.'

»> l-

• ,V*'

•v 1.

Xn

0.2225 ' -0.0775;
4J» ' M0.575
— V ' oat
— -*• '6.0

’ Friday l

• shorn 'and adiuotad- fir wiy ■ ln i» r w 'lPfl~

S , if "S

■onp issue. ' tToraT of ’flnrt arid aacorTd Interim divtdaiKi*-. -.■tlnctofwc rnon-.
recurring dividend of 1,-5p.-

or

9 19^ :

4.S,

SIMMAKX OF THE WEEK’S COMPANY NEWS

Take-over bidsandJeals

RIoTtnto-Zine increased it$ Hdrfor Thomas W. Ward, but
the TaMsrrsfogijd- the- nest tarts, -convertible loan stock or a
225p per share ensb ri aapjg ps a^stfll eteariyjinadegiiKte^ The-
new bU^^ne^ Ward** ap p roaomafe dy £130m against the £113ja
of K^Z’s first offer. . ■ ; -

jpripeay -concern lfawlitiigh Ianneftedal35p per share cash
offer morassed ye s tefr aayte afroct 150p ba London Shop Property
TrustrTbe laaterwcnnienfly.fa- the process of merging with its
sister company, 'Beams* Properties. la December, Rosehangh ,
bought a 2L4 per ;c«afr stance in London Shop from McLeod RosseL
. international the 88 per' centottned subsidiary of

Corat^aMs, pasd JfiOp per afcarefor 12 per cent of the capital of
Arthur Holden, the speoWist iimwxfircturer of surface coatings.
IP stated' 43wt. tjtoi faweetineac ■ was in accordance with its belief
that, a strong intocnataodal busSriesg could be created by a closer
EdattoostBp hut Holden directors,

speaking &r r a*«it 27 per cent of the shares, made it plain that
they-are agaansit a «ttergwl '•■ -

Bhia CfrdfrMiracr hkr invited bids for its romd and graved
sui}ssd?ary r Ku& Ctade Aggregates. . Bids axe expected to fail in
the region of£3Qm£4dm v '' .

. Babctefc. Titfcrn a WonaT , the VK engineering group, «*d the
assets and.boshsess oftbetpdii&riajl Products Group of tfe Acco
subsidiary to Page-WOwm Corporation of^jBie U.S. to 7 a deal
worth fkTJStnT

Tarmac Tnetgefl its North Sea oil and gas interests; with the
offshore interests of Candeeca Re sou rces, toe cal exploration,
company with;: extensive on-shore acreage in the UK. The deal

will Bft Tarmac’s investment in. the North Sea from an estimated
£ZLm to about £2 5m. It will give Candecca a 36 per cent stake
in Plascom, Tarmac’s North Sea subsidiary.

Value of . Price Value 3

Company bid per Market before of bid

’ Mdfor" " tlraro** rirlniW bid fHl'S®* TUrfrior

Bazaloni Hldgs. 700* 190 24S 1.75 Closerule

Beaumont Props. 155 . 135 112 24.47 Lndn. Shop Prop.

Beretf? 1504 149 94 85.50 Hanson Trust

Berkeley Hambro 352 330 274 59.82 Town & City Prps.

Callender (G. M.) 85* -80 56 5.78 Colas Prods.

City Offices 127 124 110 34.04 Greycoat Estates

Crodalnt 70*1 78 431 62.8 Bunn ah Oil

CrodaDfd. 37*| 51 21 3.90 Burma h Oil

Elliott Fb’ro^ 40 39 42 5.27 Jenks & Cattell

Grant Bros. 190* 180 179 ; 228 Jade point

Heron Motor Grp. 28*8 324. 23 3.56 Heron Corp.

Howden (Alex.) 148 129 142 134.61 Alexander and

Alexander Sits.

Laganvale Ests. 34 29 29 4J6 Stinia ELLdgs.

Loil Shop. Prop.

.Trust 1505§ 140 13? 14.95 Rosebaogh

Mothercare 170 155 168tt 109.61 Habitat

Pyramid (Pbsbs.) 60* 574 60tt 1-20 Starwestlnv.

Ward (T. W.) 2257 230 244 13L32 BTZ •

Williams (W.) 25*t 21 lltt 035 Price (C.)

* All cash offer, t Cash alternative.' t Partial bid. § For capital
not already hew. ** Based on January 8 1982. tt At suspension,
ft Estimated. §§ Shares and ««h- If Unconditional. • Loan stock
alternative.

sharp** price** bid, fm’s** .
ft?Slnrp5n»latiS^toiiS«lndtaito5r

Bidder

CrodaDfd.

37*§

51

Elliott Fb’roM

40

39

Grant Bros,

190*

180

Boron Motor Grp.

28*5

32*

Howden (Alex.) '

148

129

Laganvale Ests.

34

29

Lon. Shop. Prop.

. frost

1505S

140

Mothercare

170

155

Pyramid (Pbsbs.)

60*

57*

Ward (T. W.)

225t

230

Williams (W.)

25*t

21

PRELIMENARY RESULTS

Company
ASLHoIdfngs
Balter’s Stores
Birznnghm. Pallet
Hickson & Welch
Kitchen (R-) Tylr.

McCorquodalc

Pleasuraina

Pre-tax profit Earnings* Dividends*
(£000) per share (p)

810 (1,340) 13.5 (3LB) — (— )

7521 (620)t 11-6 (15B) 1-65 (1.32)

102L (81) — 1 8.9) — (1.5>

6.2S0 (6,480) 16.0 (17.0) 75 (7.5)

442 (638) 29.5 (225) 10b (10.0)

5.010 (4,900) 24.5 (26.1) 8.0 (7.89)

5,5 SO (4,600) 42.S (33.8} 9£ (6.5)

INTERIM STATEMENTS

Company

Asprey • Sept ZW (784) 50 ' (1&0>

Black (Peter) Oct 1,800 (1,370) 1.68 (1.54)

Brown fcTawse Sept 1,360 (1,030) L4 (1.4)

Cavendish Ests. June 71 (3)L — (— )

Electronic Rntls. Sept 7,390 (7,420 ) 1.17 (1.17)

Haima Oct 837 (67S) 056 (0.47)

Hollis & ESA Sept 2.50QL (L370)L — (— )

Howden Group Oct 3,370 (3.050) 1.46 (1.83)

London In v.Tst. Sept 505 (475) 0-35 (0-35)

Quest Automation Aug 1,4601* (34?)L — ( — )

Waddington (J.) Oct 326 (1,Q20)L — (2.5) *

(Dividends in parentheses are for the corresponding period.)

* Dividends shown, net except where otherwise stated, f Trading

profits. , L Loss.

Half-year

to

Pre-tax profit
(£ 000 )

Interim dividends*
per share (p)

Quest Automation Aug
Waddington (J.) Oct

(784)
(1,370)
(1,030)
<3)L
(7,420)
(67S)
(W70)L
(3.050)
(475)
(34?)L
(1,020) L

Scrip Issue

Pieasttrama— One for one.

Offers for safe,placings and introductions

Asset Special Situations Trust— Is placing 10m ordinary shares with
warrants attached on a one for ten basis at 30p per share.

Fledgeling Investments— Is co min g to the market with a placing
■of 22 m ordinary shares at 5SJ>p per share.

Malaysiam Tin— Is being introduced to the Unlisted Securities
Market

Owners Abroad Group— Is coming to the Unlisted Securities Market
by way of a placing of $m shares at lop each.

York Mount Group— Is coming to the

by way of a placing of lm ordinary 10p shares at 46p per share.

Rights Issues

Kwlk Save Discount— Is raising £12 58m by way of a rights issue
on toe basis of one for ten at 18flp per share.

Smith St Anbyn— Is raising £2.7m by way of a one for one rights
issue at 25p per share. .

critics

-

**v !•*

pr jr vjb

* » 4 *» ■

^.4 ■*

EUROPEAN OPTIONS EXCHANGE

CONTRACTS

APPOINTMENTS

Fab.

-Voi. »■ Lust

May.

Vot. ! Last.

GOLD C *400
GOLD C ■- 9485
GOLD C . S4S0
GOLD C *475
GOLD P .o «S7B
GOLD P *400
GOLD P . 94351

Wl NL.8Z 87-«1
D - F.tOd" : ; 1

12HL81 itoas
c f. xoo • 7 i

JS F.IOX.BO I

10=* NL ao 8649

•o'- T'JBZJSO . I
C. FAVJBO' .r

P FJBS

P ' F.ST.90 h

X4M .0 50

« 5 . 10

!.,§ “ “?

3^0 18 lO

11 28 IBM

28 —

: 2 - 23.61
12 36

— I — | —j, — [ 50 ( 320 |F. 10620

10 j 3 JW — [ ,

50 j 0X0* 1 | 1.70

50 i 220

ABN C
AKZO C.
AKZO C
AKZO P
KODA C
HEM C
HEIN O'
HEIN P

hoog c.
Hooa o
hoog ‘V
hoog p

KLM C
4CLM C-
KLM C.
KLM C .
■KU»T
KLM P 7
KLM P
NEDL C
NEDL.C
NEDL P
WEDt
-NATN P

rath p

PHIL C
PHIL ft
PHIL P
RD C •_
RD -C
RD O
RD P

rd p ;

:J® • P. '
UNfL C

um c
UNU. C
UHtt. R .
UNIL P '

Faaoj

F22^0
F^a
F.2SL50
■ 970
F.S0
PJ56
FJSO

r.is

' fJITjM
F.16
F.17JJD
F^O
, - P.100

- FJ.10
F.130

F.60

FJW

FJ.OC

F.140

F.1BO

- F.140
... P.1BO

F.IJO

'

r.22,50
FJ85
F.SO
/ F^O
_ FJOO
P77C
: ; . P .«0
- ..FJMI
F.140
. ■ r. 150
-Fa60
F.140
FJOO

.10 J 4.7(|

•• Jan.

IS | 5 1

274 . L30 i

10 28a

-to oja

n i.m
50 V OJO

99 T

lO i 2J80 1

1 ■ -.1 15 I 980

xoo f wo.

HO I OjBO
100 J MO 1
. Aprfl .

II ' 13 .

70 1 JO

30 0,60

10 5«g

» 030

11 3 JO

50 I 1.30

7 4.50

- J ' “ - F.1&0

62 L20

27- 0.70

16 6J0

53 5JO
41 . 5

15 XJ40
33 OJO

20 1.70

25.1 L80
20 112 JO

»• aja - . • - -

— 1 - F.1&JO

47 3.70"

-13 13J0I
. 6 • 1.70

8 6 JO

555 UO
5 0.10 ~

9 . 3JO
_• 8.* 4.601

.32 - a JO

35: O JO
20 . 6
10 10,50 1
42 IJOj

15 ft JO
14 5.70 J

' ft a 30
43 5J0

— -I - F.108J0

SLUMC 95«'
VW C ..DM,1401

TOTAL VOLUMC. IH
- A— Asfcwf 1

; >' k

403 2.10

162 _QJ0

106 ^
162 3

SI 1
• » a4o
61 -1J5Q

32 . 6J0

162 J 2JO
10 UOA
Ift- f *. .5.

\--mkrv.

166 2 JO
46 jl.10 .

16- .4 JO

. rri J ..'TT.,

iffl.,511 . 21 «::( «; ;r: -±

OONTRAOTOr

B=»id

H

15,36-

m%

15 i%
15§%

16 %

15*1

b!

15.%-,
15 %
15%
[15 %
14*%
15 %
144%
14*%
!4*%
14* %-
14*%
I4*%
14*%
17 %
17 %
15 %

FS5PSI

1 1 jT- ii^M

1961-8%.

High Low. Company
119 100 ‘ AM: Hldfla. IQpc Ctitfi
75 62 A»r*pning;

St 33 ArmiUQB A Bhpdas ...
200- 187 Baxdon Hill

104 .86 Daborah Samieaa

-1» 81 Frank Homall

88 3S Fradaricfc Partuu

78 . 46. Gaorga Blair
. 102 S3 IPC —

105 100 lain CbnV. Prif.-..

113 96 Jackson Group

130 108 Jama* Bu'msugft
334 258 Robaft Jankhm r„

59 51 Scruttons "A"

222 187 Torday 0 Cadtala
IS V? Jwinlock Ont.

80 55 Twintock 15pc DLS —

44 29 Unlteck^ Holtflnos *

103 77 Waftar Aiepandw

283 212 W. S. Ysatas : —

• - Frias now avaiUbfa

THE THING HAIL
GSM INDEX
U7i (+M) - .

- rioee of bmdne« 8/1/82-
BASE DATE 10/11/88 ISO.
yd:0E«»T58I

' P/9

Gross YisTd Fully
Prica Chang* dtv.(p) %; Actual taxed
119 - — ■ 10.0 '8.4 . —

70 — 4.7 6.7 11.1 15.4

• 46 --+ 1 ’ 4J 9.3 ' 3.5 1 8.7

--TOO - — 5-7 4J 9.7 11.8

86 — 5J 6 A. AS, 8.1

129 . — 9* S.0 11.6 23.9

83 — 1.7 2.5 29.6 —

98 - 1 7.3 7.8

105 - .+ V 16-7 16-0

97 — ’. 7.0 . 72

.1.14. — 8.7 7.6

256 • 31-3 12J

5S ;+ 1 5J 9.6

187 — 10.7 6.4 ■

13 — — — ■

7 * — 15.0 rna

29 ~ 3.0 10 J

77 — 6.4 BJ

6.3 10.4

; 3.1 99

2.3 10.6

3.8 9-Q

8,5 ■ 7J
6J 93

23 B —

13.1 31

62 83

31 9.0

4.1 83

I'ptaitd page 42i«.

“PENNY SHARES”

Monthly asMca on low gricad _ '
shares, which to Puy and
. whan to call.
for fun datails and «

FREE COPf wita:

the penny share guide

11F Blomflald Street
' London EC2M2AY,

£11. 6m Devon road for Monk Changes at Geest Holdings

The sooth west region of the
Departments of the Environment
and Transport has placed an
£11.6m contract with A- MONK
AND GO. for the construction of
North Devon , link road, stage 1.
It is located to the north of the
existing A 373 county road
between the M5 and Tiverton,
and terminates at a roundabout
on the A396 BoZham Road north
of toe town.

The work is tire first stage of a
trunk road project planned to
terminate at Barnstaple. Samford
PeverelL HaJberton and Tiverton
itself will be' relieved of through
traffic.

The link road is 103 km long
and will be a two lane dual
carriageway in flexible construc-
tion with over 3J> km of single
carriageway wide diversions.
There is a grade separated inter-
change at Holbrook Lane and
other retained side road
crossings grade separated.

Included to the contract are 13
bridges, all with spread footings
and -in situ concrete decks, except
the railway bridge which has pre-
cast pretensioned deck beams.
Among the structures are six
overbridges, one undexbridge, a
railway overbridge, an accommo-
dation overbridge, a canal culvert
and three multispaa culverts.
Some 950,000 cu metres o-f
excavation is involved, with
about 780,000 cu metres of
embankment construction. The
contract is expected to be com-
pleted in the spring of 1984.'

, Consulting engineers are Frank
Graham and Partners.

CAP ins been awarded at con-
tract, believed to be worth abont
£lm for the supply of a system
for rates assessment and - collec-
tion in Northern Ireland. The
company will design, develop and
maintain the. applications soft-
ware and provide installation
support and maintenance for the
system- As the prime contractor,
it wSt be responsible for the
supply of an IBM 4331 computer
configuration and a network of
IBM 3600 financial terminals,
running under IBM’s CICS com-
munications software and DLA
data base management system.
The main system is due to be
delivered and installed in Belfast
to August 1982 together with sets
of financial terminals for installa-
tion to local ‘ rates collection
offices throughout Northern
Ireland. The system will generate
rate demands at the Rating
Division’s HQ in Belfast and, as
at present,, payments will be
accepted annually, twice yearly
or by monthly instalments.

★

A renewal forklift truck hire
contract worth more . than
£387 ,000 has been awarded to
HARVEY PLANT’S Southamp-
ton branch, by EL W. Richards
Stevedoring Company. It includes
the supply of nine Coventry
Climax, Komatsu and Clark
International trucks, of 3,000 lbs
to 5,000 lbs, phis a Lancer Boss
lift truck capable of handling-
loads of up to 25 metric tonnes.

All 10 forklifts will be used for
cargo handling at Portsmouth
Docks.

+

CARSON OFFICE FURNI-
TURE has been awarded a
£72,000 contract for supply of
furniture, screens and fittings for
the new Northampton bead
office of toe G-P Inveresk
Corporation.

*

JOHN HOWARD AND CO,
Chatham, has been awarded a
contract by the Dover District
Council for coast protection
work at 6L Margaret’s Bay.
Valued at £320,000, the work
.includes the reconstruction of
groynes and the supply and
pl a c in g of beach nourishment
material and precast concrete
armouring units against the foot
of the cliff. Work is to start
immediately for completion in
45 weeks.

Howards Is working on the
construction of a mass concrete
sea wall, a rear wave wall and
reinstatement of promenade
areas at Margate for the Thanet
District CounciL Ibis contract,
valued at £400,000 is due for
completion in June.

★

BP has awarded SCICON &
contract to supply application
software to aid the operation of
toe Magnus oilfield. The contract,
worth over £300,000, is due for
completion by toe end of this
year. . A Wesdec 6 computer
system will be supplied and
installed by Wescode Systems
Dual Digital .PDP 11/70’s will
provide * central monitoring
facility offshore and will com-
municate via' serial links to a
number of microprocessor based
systems on the platform and to a
shore based PDP 11/70. The
platform and short computers
will have similar databases and
changes will be transmitted to
the onshore machine as they
occur. The system will provide
the operator .with dynamically
updated colour displays for
monitoring of the -production
plant -and utilities. The addi-
tional software and displays to
be provided by Scicon will
monitor well operations and test-
ing, provide remote choke oper-
ation for rate control, and daily
production reports.

★

BRIGGS AMASCO has won
nearly £lm worth of roofing work
on electronics factories— the
latest worth nearly £250,000 for
NEC Semiconductors UK. This
is the Japanese-owned company
Which is setting up jo Livingston
New Town, situated on the
MS just outside Edinburgh.
Briggs Amasco's contract for
Wimpey Management Contrac-
tors, involves putting its Perfsisa
insulated steel panels on toe roof
and watts of toe new factory.

*■

Work is starting on 13 work-
shop units, eight of 46 sq metres
and five of 93 sq metres at Canal
Road, Bradford, West Yorks, for
English Industrial Estates. A
design and build contract worth -
about £177,500 has been awarded
to FIRTH CONSTRUCTION, Don-

caster. The premises should be
ready for occupation in May.

ie

A completely automatic posi-
tion-monitoring system designed
for the first tension leg platform
now under construction for
Conoco is to be provided by ORE.
The -system will be able to
monitor the oil platform’s move-
ments to an accuracy of 0.5 metre
within a maximum radius of 30
metres. The contract is valued at
£70,000.

★

REN OLD FLUID POWER has
won an order for 380 hydraulic
motors from Blaw Knox,
Rochester, as part of an order for
180 asphalt road pavers and
spares worth nearly £Sm bound
for Iraq. Two of Ben old's HM08
high torque, low speed motors
will be used on each of the road
pavers, to operate the conveyers
carrying asphalt frem the hopper
to the augers, and driving the two
augers which spread the asphalt
evenly on the road surface prior
to pre-compactinn by the screed.

4r

FISHER CONTROLS INTER-
NATIONAL INCORPORATED
subsidiary, Fisher Service Com-
pany. has executed a definitive
agreement with Fal:d Altobai.toi
aod Co. of Riyadh. Saudi Arabia.
Th.3 agr-eemenl calls frr the
eriabiisbmer.: cf a service centre
and a mar.-* featuring facility to
suapir high technology emtroi
valves and reiatad eauiyment ic
Saudi Arabia. Fahd A!tr;.\?:chl
and .Co. is an international ir. vest-
ment and industrial concern and
has represented Fisher in Saudi
Arabia for man-: years.

HAWKER SIDDELEY DYNA-
MICS ENGINEERING has been
awarded a contract worth
£350.000 by Coal India for two
systems to monitor automatically
the gas levels in underground
coal mines. The two systems,
which will be delivered in the
latter half of 1982, use a micro-
processor-based surface control
desk and the information on
parameters such as the levels of
methane and carbon dioride and
air velocity are transmitted by
the telemetry system from out-
stations situated underground
throughout the mines. The
systems will have a full battery
power stand-by enabling monitor-
ing of gas levels in the event of
mai ns power failure.

Two - contracts worth over flro,
one for a health centre in Pen-
rith, the ether for hemes at
Estou, Cleveland, have been
awarded to the north east region
Of JOHN LAING CONSTRUC-
TION. The Cumbria Area Health
Authority has awarded a £745,003
contract for the construction of
a single-storey health centre on
the site cf the Penrith Hospital
just off the A6. V/ork has begun
and should be completed in twe
years. At E stein IS timber-frame
dwellings are to be built for
Langbaurgh Borough Council at
the Bankfields Estate. Work on
the homes, two seven person, and
16 five or four person units, has
begun and will be finished in
about nine months.

SPAIN

January 8

Price

%

'+ or —

Banco Bilbao -

337

+2

Banco C antral .........

33B

+3

Banco Extarior

303

Banco Hrspsno

325

Banco Ind. Cat.

..

115

Banco Santander

347

Banco Urquilo

213

Banco VTicaya

—

355

Banco Zaragoza

216

Dragadoa -

..

127

Espanoia Zinc

60

+2

Facta

60.7

Gal. Preciadot

..

43

Hidrola -

66.5

+2-5

Ibarduaro

_

63

Patrolaoa

..

89./

+0J

Peootibar

...

100

~1 .

Scgtfln •-

..

40

:+t ••

Telefonica —

_

72

Union Elam.

92.5

-2

A Vision for the Blind

How do you manage your own fife when you cannot see,
when other handicaps have played havoc with your education
and when you have no home orhope of work?

^uraispartteSys^htedantffiacfpofiQandTBasactnld
Ming in additional physical hanicap. State learning the
deaf/bEnd manual to enable herio help her Wind aid deal
sisterwfM has recently Joined tfte Royal School.

The Royal School is about learning to be independent .
and to be responsible; discovering what is possible
. . toireach individuai. We are looking forward to afuture for
150bMadults with additional handicaps. They have come to the
Royal School for the Bllndbecause no other place offers such
residential care and training and the men and women
(fike June in our photo) arc being given the opportunity to make
atomorrow of their own choice. In gratitude for your sight
- this Christmas please send a donation or write
forfurther particulars to: Sir Ronald Wales JR, DL , Chairman,
The Royal School for the Blind, Leatherhead, Surrey KI228NR
Telephone: Leatherhead 75464.

Royal School for the Blind

President: His Grace the Archbishop of Canterbury
Registered Charity No: 255913

Mr C. J. Vivian will be retiring
as a director- of GEEST HOLD-
INGS and its subsidiaries as
from August 31. He will
remain as an advisor to Geest
Computer Services. To prepare
for this, it has been arranged
that as from January 1, the
executive functions of his role
as managing director and chief
executive are to be allocated
between Mr L. \V. van Geest and
Mr S. R- Coitman.

*

Mr Michael Toulmin, general
manager, has been appointed
deouty managing director of
SHEFFIELD NEWSPAPERS. Mr
Michael Hides, editor. Morning
Telegraph; Mr David Flynn,
editor of The Star; and Mr Brian
Knox-Peebles, marketing director
of United Newspapers have been
appointed dirctors of Sheffield
Newspapers.

■*

Mr A. B. Johnson has been
appointed company secretary of
RENTONIL GROUP. Mr G. B.
Foote and Mr J. F. Morton are
promoted managing directors of

Rentoltil, the main UK operating
subsidiary.

★

Mr . Fan Rodger, has been
appointed company secretary, pf
BOUSTEAD.

•ie

Mr Um Sberwen has been
appointed managing director of
THOMAS NELSON, educational
publisher. He succeeds Mr John
Jermine who becomes executive
chairman.

■ie

Mr L. Haigh has. been
appointed to the board of
NEEDLE INDUSTRIES as direc-
tor technical division.

•k

Mr Alan Clarke has joined
CARIPLO (Cassa de Risparmio
detie Prbvinrie - Lombarde) as
syndication manager. He was
formerly with Chase Manhattan.

*

At LOUIS DREYFUS AND
CO. Mr . Jean Louls-Dreyfus has
retired as. chairman but remains
a non-executive director. Mr R. E.
Cornwell has been appointed
chairman. Hr It J. Henderson
m anag ing director and Mr G. J.

Peirson a director. Mr J. Brady,
Mr D. R. Corke and Mr J> P*
Mayhew have resigned as direc-
tors. Mr Brady lias been
appointed managing director of
Louis Dreyfus Trading, and Mr-
Corke, Mr Mayhew and Mr Peir-
son have been appointed
directors.

*

At SAUDI BANQUE. London,
Mr Donald F. Rogers has been
appointed manager administra-
tion and operations division, and
Air David L. Dale is appointed
manager syndications in the.
corporate finance and credit
division-.

*■

Mr T. D. Cooper has been
elected a director of ASPREY
AND CO.

MINSTER ASSETS has
appointed Mr P. A. Cox and Mr
J. N. Fuller-Shapcott as directors.
Mr Cox is managing director of
Minster Insurance Company and
Mr Fuller-Shapcott is managing
director of the corporate finance
department of ?.I ; nstcr Trust.

_ J.VW.V.V.V.V.VAV.V.V.W.V.V.V.'.V.V.V.V,* ,

CT-. O • Q

9 M Mkrs e a c";

wi

NP New Year

Make it your business in 'eighty-two to
take a fresh look at the banks you use.

If your business is international you should
be using an international bank - one with a
worthwhile presence in the countries you
deal with. If you need access to the money
markets you should be using a bank where
you have direct contact wrth the FX and
Treasury dealers.

. If your business calls for skills in export
finance (including ECGD?, equipment
leasing or commodities, you need a bank
with long experience and real international
strength.

In "eighty-two it could make your business.

ffTl Banque Narionde
de Paris p.i.e.

8-13 King William Street/ London EC4P 4HS.

Telephone : 01 -626 5678 Telex : 88341 2

Also in :

Knightsbridge, Birmingham, Leeds, Edinburgh and Manchester.

BNP Group Head Office: 16 Boulevard des Italians, Paris 75009.

• •••V.V.%*.V«V.*.V»V. , .V»V»V»V.VoV»%V»V» , »V»V»*

p-ifT-r.,

&

This advertisement is issued in compliance with the Regulations of The Stock Exchange..

/

jAl Nationwide

/fe\ Building Society

Placing of £5,000,000 1674 per cent Bonds

due 17th January 1983

Listing for the bonds has been granted by the Council of The Stock Exchange.
Particulars in relation to The Nationwide Building Society are available in the Extel
Statistical Services. Copies of the placing Memorandum may be obtained from:—

Fulton Packshaw Ltd., Laurie, Mflbank & Co., Rowe & Pitman,

34-40 Ludgate Hill, Portland House, City-Gate House,

London EC4M 7 JT k 72/73 Basinghall Street, 39-45 Finsbury Square,

London EC2Y5DP London EC2A U A.

Companies and Markets

WORLD STOCK MARKETS

Financial Times Saturday January. 9 19S2

NEW YORK

' Jan. j Jan.
Stock ; 7 6

; Jan. • Jan.

Stock ' 7 | 6

; Jan. ! Jan.

ACF industries...

AMF™

AM Inti

ARA™

ASA.. !

AVXCOrp

Abbott Labs j

Acmo Clove.. '

Adobe Oil & Gas.

Advanced Micro/
Aetna Ufe ft Gas 1
Ahmanaon (H.FA
Air Proa ft Cham'

Akzona

Albany inL J

Albarto-Culv.

Albertson's j

Alcan Aluminium

39 38*

25V 25V

4% 4!s

25* 24l£

43* I 44 V
IS* Hts
26Ig 26V

20 V 31
SB* 29*
16V i 167 B
43 ! 43V

14V 147b

363s , 36*

1033 ; 10*
26* 263*

12* ! 12V
253* ' 26
22* ' 23V
18 V j « >4
261* 251*

32 j 32V
44V I 44
26V i ?5 t b
15V 15V
12 12

Columbia Gai*-J 3l9s ■ 3l3s
Columbia Piet....! 43 43

Combined int.... 28V I 82v
Combustn.EnB...! «* : 33 f*
omwith. Edison- 20 V ■ 30V
Comm.Sstelita..., 60 ;00*

Gt Atl.Pao.Tea. 4*8

Gt Basins Pet— 3J» | 4

OUtthn.Nekeoaa, 35V , 35

GtWestFinanel. 14* JJ*
Greyhound—... «* }g»

Grumman™. 1 36 Zfisg

Gulf ft western..; 156 b ! 135 s

Comp Science....: 13 V

Cons Mills ; 20V

Conn Gen. Inn— 48 V

Conrac„ ™... |4V

Cons Edison 31V

Cons Foods — 30V

Cons Freight. — 39 V
Cons Not Gas—.. ; I9V
CansumerPower 17*
Cont Air Lines,... 43a

Conti Corp — |5V

Conti Group. 32 V

Cant. Illionis • 33 V

CorvtlTelep— If*

Control Data— »i 34V

Alcoa.

Amal. Sugar—..

Amax„__

Amerada Hass ...

Am. Airlines

Am. Brands..— J
Am, Broadcast’s 1 :

Am. Can —I

Am. Cyanamld _(
Am. Elect Powr.i
Am. Express. — I
Am. Gen. Insnce.
Am. Holst ft Ok...
Am. Home Prod J
Am. Hosp. Suppy!
Am. Medical IntlJ

Am. Motors

Am. Nat Peaces.

Am.Petfina 1

Am. Quasar Pet,,

Cooper Inds.

Coora Adolph

Copperweld. .1

Coming Glass

Corraon Black.—'.
Cox Broadcast’s/

Crane

Crocker Net. ■

Crown Cork.. —

Crown Zell ;

Cummins Eng. —J
Cu rtiss- Wright... .
Damon, — — j

□ana..— -I

Dart ft Kraft i

Data Gen

Dayton- Hudson...:

Deere. ™

Delta Air

Danny's™....— .....j

50 ! 50V

10* : 10U
35V 35V
48V : BOV
20V i 20V
33V > 33V
356s ! 36V
30V 30V

30 , as*

37V i 277 3
35V J 557 b
40V 40V

7V . Bl a
28V I 28
48V 49V

52 V I 92 V
273a ! 27V
346a : 34V
24V . 24V
2B5a 283g .

Gulf Oil 33 V

I HeJIfFB) — 87 V

i Halliburton- : 49V

! Hammermlll Ppr. 27V

Handleman ; 14*

Hanna Mining ' 30 V

Harcourt Brace.. 17
Hwnisehfeger _. llja
Harris Bancp....... 27V

Harris Corp — 583*

Heci&Mlnins-’— ' 1J U

Heinz IHJIm 27ns

Heller Inti. - M

Hercules. ...... 82 V

Herahey 35V

Heubloin— ... ; 33V

Hewlett Pfcd. — ; 39 V

Hilton Hotels. | 58

Hitachi I 597 B

Holiday Inns..

Holly Sugar... —

HomastaKa — >

Honeywell—

Hoover— :

Hoover .

Hormel Goo™

Hospital Sorp— 1
Household Inti ...i

Houston Inds 1

Houston NtGas../
Hudson Bay Mng

Hughes Tool

Humana...— ....

279a 275*

48V 46V
355a 369*

683* 691 b

9* 96a

19l» 18V

18V I 18V
33 v ; 531*
15V ! 16V
18V i 1BV
41V < 42V
20V I 20V
365s 36 V

35V > 35V

Am. Standard.™

Am. Stores

Am Tot. ft Tel....

Ametek inc

Amfac

AMP ™..

Amstar

Amstead Inds.—
Anchor Hoc kg—
Anheuser-Bh ....

Areata.

Archer Daniels-
Armco

' S7V 1
28V -
• 58V i
33 V
26 V •
48V
26V ■
1 541* :
16 •
397*
375 b .
Ifl.’a :
2STg |

Armstrong CK..
Asamera Oil.....

Asarco — ....

Ashland Oil

And D Goods...

Atlantic Rich

Auto-Data Prg— .

Avco..— — _

Avery inti-

/ 157 S 1 16 V
.. 11V ■ 11V
.! 25V . 86
26 V 295*
* 25 V . 25
j 43 V i 437a
.■ 255* > 25V
.1 19V I 2D
.1 255* 26 V

Dentsply Inti

Detroit Edison...
Diamond Inti —
Diamond Shank™

Dl Giorgio

Digital Equip

Dillingham

Dillon -

Disney fWalL

Dome Mines.

Donnelly i RAj

Dover Corp

Dow Chemical....

Dow Jones.—

Dresser

Dr. Pepper.

Duke Power.

Dun ft Brad-

Du Pont—..— ...—
EG ft G„

165* | 165*
11 * 11 *
40V i 39V

-- 1 m i.

247| 24V

9 9

845* , 84V
12*8 I 12V
215* | 22
52 I 52 V
14V I 15
377 S ( 275*
29 V 305 a
251a I 25
47 V 47 V
30V 30V
12V 12V

205* 20V

63V 63V

37 37

$7* 375*

Husky roin '

Hutton (EF) ,

1C Inds

INA Corp

IU Int

Ideal Basic Ind.-

Ideal Toy

ICIADR

Imp. Corp- Amer

INCO y .

Ingersoi Rand....

Inland Steel

Intel. -

Interlaka

InterNorth

IBM

Avnet™ j

Avon Prods 1

Baker Inti I

Bolt. Qn ft El I

Ban cal Trist !

Bangor Punta. ...,
Bank America.... 1

Bank of N.Y.

Bankers Tst.N.Y.

Barry Wright •

Bausch ft Lombj
Baxt Trav Lab. ...:
Beatrice Foods...!
Beckman instr..:

Baker Inds

Bell ft Howell

Bell Industries —j

Beneficial _...!

Eeseo™ ■

Eastern Airlines.!
Eastern Gas ft F/
Eastman Kodak. 1

Eaton i

Ecblln Mfg

Eckherd Jack.—'
EJactronic Data..
Elect. Memories,.

El Paso

Emerson Elect—
Emery Air Fgt.™ .
Em hart

Engelhard Corp. .

21 1 21V

6 I 6
225* ; 23
72 71%

30V 31
12 V MV

237* , 34

23V 23V
3 V • 3V
25V B4V
43V ' 42V
12V 12V

32V 33V

22V : 23

I Inti. Flavours:..../
IntL Harvester _
Int Income Prop,

• Int. Paper-

Int. Rectifier

Int. Tel ft Tel. ™._

Irving Bank

James IFSj— ...._

Jeffn-PHot-

Jewel Cos..

Jim Walter -

Johnson Contr.— J
Johnson ft Jns— .|
Johirthan Logan. i

Joy Mnf. ...... ? :

K. Mart

Kaiser Alum

Kaiser Steel

Beth Steel. [ 22 t 8

Big Thee Inds.—' 26*
Black ft Decker..: 15**

Block HR ; 35v

Blue Belt J 25v

Boeing _ j 38*

Boise Cascade ...i 33 V

Borg Warner ' 27 v

Braniff Inti 2V

Briggs Stratn ™.™' 24*

Bristol-Myers j 52 v

BP. ™ - I 23

Brookway Glass- 1 14v

Brown Forman Bi 32 V

BtowrfGrp I 27*

Brown ft Sharp...; 19 V
Browng Ferris— 31
Brunswick- 1 18

Ensereh 23V

Envlrotech 15v

Esrti&rk — .... 50

Ethyl j 23Ta

Evans Prods.—— 1-7

Ex CellO 1 33

Exxon 30V

FMC J 345*

Faberge. 15 V

Feddera ! 4V

Federal Co I 21 v

FedenU-MoguL.-l 22V
Fed. Nat Mort J 8 V
Fed. Paper Brd... 27V
Fed. Resources... lv
Fed. Dep. Stores. 355*

Reid crest Ml 235*

Firestone- 12V

1st Bank System S4i*
1st Charter Fin... 11 V

Kaneb Services.. 1 , ZOTg
Kaufman Brd..— 10 V

KeyCorp. : 125*

Kellogg 22

Kennametal 35V

Kerr-McGee 35V

Kidd*.. ....j 227’s

. Kimberley- Clark! 64 V
King’s Dept St . 4V
Knight Rdr.Nwt. 30V

Koppers. 16v

Kroehler — 8 V

Kroger 251*

LTV- — 15v

Lanier Bus. Prod 1B5*
Lear -Stagier.-. 86 V
Leaseway.Trans. 26 .

Buoy rus-Erie ."

Burlington Ind ....

Burlington Nrthn

Burndy 1

Burroughs ’

CBI inds

CBS

CPC Inti -

■ CSX — .

• Campbell Red L
Campbell Soup—!

Campbell Tagg ..'
Canal Randolph..;

Can. Pacific i

Carlisle Corp.-

Carnation

Carp Tech 1

163«. 165*
25V ; 255*
52 ; 515*

1BV 18V
33V 1 325*
41 i 41V
46 . 46V

34lj ! 34
57V 1 58v
14l« . 14V
305* ' 30V
21V ' 20V

27 ' 27 V
337b ; 34
285* | 28V

28 V | 28 V

43V 435*

1st Chicago I 19 V

1st City Bank Tax : 319*
1st Ini Banc.—. -
1st Interstate—. 34V

1st Mississippi ...■ 15 V
1st Nat. Boston,.' 44V

1st Penn ! 3 V

Flsons as*

Fleetwood Ent... 115*

Flexi-Van — 185*

Florida Pwr ft L... 28**

Ford Motor. • 17V

Foremast Mak—, 37V
Foster Wheeler., 14V
Freeport McM— ■■ 287s

Fruehauf „l 18r 8

GAF.. 15

GATX. | 30V

LenbX.

Levf Strauss...— .

Levltz Furntr

Libby Owens Fd.

Lilly (Ell! —

Lincoln Nat M

Litton Inds —

Lockheed — ..

Loews — !

Lane Star lnds...|
Longs Drug Strs.;
Louisiana Land _|
Louisiana Pac, ....

Lowenstein '

Lubrizol— •

Lucky Strs. ]

MJACom.Inc

MCA :

MacMillan !

34V | 34V
28V 28

535* 32V

23V 23V
63 ■ 63

40 t 40V
55Tg I 555*
44V 44V
887s 89 l s

37V | 27V
27 : 28V

29V 29V
19V 10V
26V 26V
22V 22v

131a 15V

24 235*

41V 407a

161 b 16

Carter Hawley—

Caterpillar

CeianaseCorp....

Centex— ■

Central ft 8w |

Central Soya
Central Tel Util../

Certain-teed

Cessna Aircraft.. i
Champ Home Bid'

Champ Int.

Champ Sp Plug

Charter Co

Cliase Manhattan

Chemical NY

Cheese Pond

Chicago Pneum./

Chrysler

Chubb,

15V [ 15V
64V 64V

547 a I 543*
23 . 23 V

157 B 14V

12V H7b
32 V 32
12 f II*
21 1 21V

21 * . 21 *
19 , 19V

85* ; 8
81* ! 81*
53 V 53 V
51 V 52 V

315* 1 32V
197 a ' 19V
4V ' 4
45V . 45V

Gan net 1

Geloo— .... — ... —
Gen Am Invest ...

Gen Cinema I

Gen Dynamics ...I

Gen Electrla 1

Gen Foods.™ ;

Gen Instrument.

Gen Mills ;

Gen Motors

Gen Portland |

Gen Pub Utilities

Gen Signal

Gen Telep Elec-

Gen Tire

Genesee „„.i

34V 33V
197$ 20

211a 21V

35V 35V

23V 23V

57* 57V

30 i 30
42 , 4BV

34V 34V
3BV i 391|
47 Ij ; 47V
7V 6&a
373* I 37V
31V I 31l a
21* 21V

6* 6*

Macy 1

Mfors Hanover...
Manvl lie Corp. ...

MMffOO-.. aM s...,.n f

Marathon Oil

Marine Mid

Marriott

Marsh MoLenn—
Marshair Field....

Martin- Mtta.

Maryland Cup

Masco —

Massay-Fargn. I

Mass Multl-Corp.i

.Mattel -

May Dept Strs....]

521] I 52V

34 34*

14V 14V

29* 30V

747a 78

82* 82*

35 34*

315* 32 V

15* 16V

35 33*

33* 33*

SSls i 351*

.IV 1*
181s I 18*
11* ! ID*
24V I 24 V

Cincinnati Mil '

Citicorp„

Cities Service,....

City Invest. 1

Clark Equipment!
dew Cliffs Iron-
Caro x . _ i

Cluett pe'aby I

Co cal Cola„ >

Colgate Palm

Collins Alkman...)
Colt Inds. i

25 V 25T 8
24* 24V

41* 42 V

lira 1 22 V
87 V I 27 V
30* 301*

11* 11*
147a 147 B

353* 643*

16* 16 V

Hi* 111*
53 54z a

Genulns Parts...,

Georgia Pac.

Geosource

GerbBs Prod.

Getty Oil

Glddlngs Lewis..

Gillette

Global Marine...
Goodrich (BR..™
Goodyear JTre._

Gould

Grace—

Grainger iWWj...,

McCulloch

McDermott tJ RJ.'

McDonalds.

McDonnell Doug.
McGrow Edison.

McGraw-Hill.

McLsanTrukg

Mead™ —[

Media Genl

Medtronic

Mellon Nati [

Melville !

Memo rex

Mercantile Sts...

Merck

Meredith—

Merrill Lynch

NEW YORK

Indices

IUKI\ -DOW JONES

' ; ■ ' ’ I | [ 1981412 'Since Cmpli't'n

Jan. • Jan. . Jan. , Jan. i Dae. , Dec. \ •. —

! 7 ' 6 3. 4; 31 '30! High i Low 1 High I Low

MOM I 7 1 *

Metromedia .... 161V
Milton Bradley...! 20*
Minnesota MM ...! 53 V
Missouri Pao— ... : BOV

Mobil — 23 s *

Modern. Merchg.I B*

Mohasco— I 13 V

Monarch MlT..— < 10

Mmuanto : 60

Moore McCmrk..: 27

Morgan UPj— 50 V

Motorola ' 535*

Munsiiigwaar 14*

MurphyiGCl— .. 141 b

Murphy Oil 29*

Nabisco Brands™! 30*
NalcoCham 50 v .

Nat pcinduitries.! 23

Nao. can i 20*

NaL Detroit 23*

Nat. Dist. Cham.. 23 V
Nat. Gypsum...../ 20*
Nat Medical Enti 17V
NaL Earn ieduetr^ 177*
NaL Service Ind
NaL standard
Net steel
Naiomas

NCR. — !

New England EL;
NY State E ft G...,

NY Timas..

NewmontMlning
Niag. MohawK...

NICORInc.

Nielsen lAC) A—.,
NL Industrie*—.:
NLT —

Norfolk* Westn |
Nth. Am. Coal. ...;
Nth. Am.lPhillps-l
Nthn. State Pwr..
Northgate EXp...

Northrop

Nwsst Airlines...'
Nweat Bancorp..

Nwest Inds

Nwestrt Mutual...:
Nwestd Steel W.

Norton.... *.

Norton Simon....-
OcoidentaJ Pet.. :
Ocean Drill Exp..

Ogden....

Ogilvy ft Mrth

Ohio Edison

Olin ‘

Omark.

oneck

Outboard Marine 19 *
Overseas Ship—. 15 V
Owens-Coming.. 22
Owens^lUrtoIs— .. 2B

PHH Group i 23

PPG Inds— ; 365*

Pabst Brewing..., 14 V
Pac.' Gas ft El eoL 1 20*

Pac. Lighting ; '255*

Pac. Lumbar. — I 23*

Pao. TalftTel-.

Palm Beach

Pan Am Air

Pan. Hand Pipe.
Parker Drilling.
Parker Hanfn—
Peabody Inti—
Penn Central...
Penney (JC)._...
. Psnnzoll^

197 8 19*

.! 25 24*

J 27| 2T 8

.! 337b 35*

.1 18* 18
„. 81 | 21*

6* 8*

.1 39 397a

29 1 28*

. 44* ; 44i<

Peoples Ensrgy.^

Pepsi oo

Perkin Elmer.

Petrie Stores.

Petrolano..™

Pfizer..

Phelps Dodge....

Phila. Elect

Phllbro—

Philip Morris

Phillips Pat

Plllabury.

Pioneer Corp—
Pltney-Bpwes^-.

Ptttston

Planning Res'ch.

PI essay

Polaroid.™.

Potlatch

Prentice Hall —
Procter Gamble.

77b j 7i a

36 I 36*

25!* ■ 26V
19V | 19V
16* 16*
53 52

31V 32*

133* 137 b

26 26V

487a 497a

37 V 37*

391* 38V

28V 28Tg
24V 24V

237s 24V

57a 57g

6S* 67*

20* 20*
277* 28V

23* 24*

78* 78V

Pub.Serv.BftG. is*
Pub. S. Indian*™ 207a

Purex — 25 V

Purolator 33

Quaker Oats.™....: 35

Quanax 18

Ouestor 83*

RCA. .' 18

Raison Purina ... 11 V

Ramada Inns j 6 *

Rank Org- ADR-- 3 V
Raytheon ■ 35*

Redman Inds ! 12

Reeves Bros. • 48V

Relchhold Chem; 117a

Reliance Group./
Republic Steel.™.;
Rep of Texas....™
Resch Cottrell....

Resort Inti A™

Revoo IDS)

Revere Copper...

Revlon..™

Rexnord

Reynolds (RJ)

Reynolds Mtls.....

Rfte Aid

Roadway Ex pi...
Robbins (AH)

Rochester Gas....,

Rockwell Inti

Rohm ft Haas !

Rollins —

I Rolm

Roper Corp

Rowan !

Royal Crown '

Royal Dutch ;

Rubbermaid

Ryan Homes ,

Ryder System ....
SFN Companies..
SPSTachnorglesj

Sabina Carp. ;

Safeco !

Safeway Stores..]

St Paul Cos J.

St. Regis Paper..:
Santa Fe Inds......

Saul Invest i

Saxon Inds I

So haring Plough*

Schlitz Brew J ../
Schlumbergar ...'

SCM™

Scott Paper. 1

Scudder Duo V ..

Seaeon

Seagram

Sealed Power ....

SearlefGD)

Seers Roebuck...
Security Pac

Sedco

Shell Oil..

Shell Trans

Sherwin-Wms

Signal™

Signcde™

Simplicity Patt..' 9V

singer. 12 ; s

Skyline 14V

Smith Inti 41V

Smith ICina™ 64 t b

Senesta Inti™....™ 10*

Sony. 17*

south east Banks, 17
Stft. Gal. Edison.. 28*
Southern Co. — 12
Sthfi. Net. Rea....! — .
Sthn.N. Eng. Tel.! 43V
sthn. Paclflc....™; 40V

Sth.ftillway 915*

Southland ; 381*

SW Ban cth ares.. 30

Sperry Corp ; 34

Spring Wills. ™' 23V

Square D 27*

Squibb™ - 31V

Std. Brands Paint 25*

Std Oil Cllfomia.'
Std Oil Indiana...!

Std Oil Ohio

Stanley Wfcs™

Stauffer Chem...-

Sterling Drug.

Stevens (JP).

Stokely Van K....

Storage Tech

Sun Co

Sunbeam

-Sundstrand

Superior Oil

Super VaJ Strs....

Syntex.

TRW.

Taft™

Tampax

38* : 39
475* ! 477s
39V 395*

167 a 16*

21* 21
217a . 217a
15* ' 16*
3H« 1 30 V
34V ■ 34*
42* 42V
27V 27V

391* 40 V

331* . 55*
18 V 177a
60l a . 59 7 B
53 V • 52 V
51V i 52V
32* I 31V

Tandy.™, 34*

Teledyne 135*

Tektronix™ 54*

Tenneco 31*

TeacraPet' ■ 20 V

Texaco™ .■ 32 &>

Texas Comm! Bk 38V

Texas Eastern 52

Texas Gas Tm....-, 33 t 9
Texas In strVn'ts. 75 V
Texas Oil ft Gas. J 33*
Texas Utilities. . ' 19*

Textron ! 27*

Thermo Electro™! 21
Thomas Betts.....! 57>*

Tidewater '■ 37 V

Tiger Inti ■ 15

Time Inc. ; 36*

T mu Mirror 45 V

Timken

Tipperary.

Tonka........™

Total Pet

Trane.™

Transamerlca...

Tramway™

Trans World

Travelers.™

Trl central-

TrI Continental.
Triton Energy..

Tyler

UAL.™

umc indie

Unilever N.V....
Union camp....
Union Carbide.

. 20* i 20*
. 147a j 14*
. 223* 223*

167g ; 16*
. 11* . 113*
595a | 59*
48* 481a

, 49 | 49V

Union Oil Cal../...! 33V
Union Pacific.....) 47 v

Uni royal ! 7 V

Untd Brands ! 10*

Utd. Energy Res., 38*

us Fidelity G > 40 V

US Gypsum™ 32*

US Home 13

US Inds 9*

us Shoe.. i 29*

us steel ; SB*

US Surgical I 19

U8 Tobacco 45 *

US Trust i 31 V

Utd. Technolgs..; 42*
Utd Telecomm*. 21

Upjohn 52

VF i 397 b

Varlan Asaoca .... 28*
Vernitron : 11 7a

Virginia EP

Vulcan Matria....:
Welker (Hi Res...
Wal-Mart Stores.

Warnaca j

Warner Commi.
Warner-Lambt.™!
Washington Post.

Waste Mangt >

Wei* Mkts. i

Wells Fargo.

W. Point Pappi.. !
Western Airlines
Westn. Nth. Amr.l
Westi ng house,... -

Wcitvua 1

Weyerhaeuser....;

117 S : liv
54 I 543*
19* ! 19
39V i 39*
27V ' 27*
52* 31*

2 IV 21*

30V 307,

33* j 53*
38 | 58

257a ! 26
22 7 B i 227J

a* 5i«

20 V , 20*
26 ‘ 86
22* 22 V

28* ' 28*

Wheelabratr F — 1
Wheeling Pitts...

Whirlpool

White Con so ltd,.'

Whittaker.

Wickes

Williams Co

Winn-Dixie Str.... 1

Winnebago |

Wise Elec Power;

Wool worth

Wrlgley-

Wyly

Xerox™ i

Yellow Frt Sys.... |

I

Zenith Radio!!!...!

41* 407*

297s , 29*
24 V 24 V
267g . 27*
31* i 32 V
8* 8*
25*. ' 25*
293* ,. 30
3* . 3*

26* I 27 V

18* i 18*

35* ; 35*
87 B ! 8*

39* : 39*
151* , 151*
263* | 26*
11* | lls a

•Industr' Is BS1.7B8S1.02 BB5.SQ .BM.SSj8H.B0 873.10) 1D24.D5 824.01 j KS1.70 ' 41J2
H'me Ends. 56.9V 57,18 56.92 j &B.35 B7.M'j 69.B&' 'wSk fS3

Jan. 1 Jan. : Jan. I Jan. i 1981-82

8 7 ; 6 ) 5 . High 1 Low

AUSTRALIA , ,■ •

All Ord. flMf88\ 1 G77.0 . 5BS.1 SOW , B34.S 737.3 rB/41 : 343.8(23)10)

Metal ft Mines flri/Sffi • 407.4 41 M 415.3 1 423.7 ! 735.2 (7/1'flH > 404.5 120)11)

Transport.. 368.48 370.48 572.04 379.683 80.50' 378,44 447.38 j 335.48 I 447^B ' 12JS

Utilities : 107.51' 108.12 108.88 ' 109.05 lM.ia' IIH.64I' julll j ‘mS* ^oIb^

I ! i i 15/1/811 ! (26)8) (20/4/ B9) (28/4/421

TradmgVol 1

OOO-t 43,410, 51,618 47,510 jSfl, 78040,780 42,080; — I — ' — ] —

AUSTRIA ,

Credit Aktlan (2/1/02) 56.77 88.92 ici ' 86.22 86.43 (5/1/811 ! 5S.M (16/10 •

BELGIUM

Belgian SE (31/12/85. 87.70 8BJ B8J28 ; 88.48' 88.48 (S/1/821 ■ B9.5S (16)61

«Day's high 865.50. low 851,22.

DENMARK !

Copenhagen SEH/l/TS) ISO. 16 118.43' 118,20 T18J6; 125.56 07/121 1 96.88 (2/1)81)

Ind. div, yield !

■ Dec. 18 Year ago (approx
6.34 ■ fiisa

FRANCE' ' ■<• ••• !

CAD General (Z9/12/9H 82J0 . 92.3 ! B9.9 ■ iu) 112.5 (17/5) 77.5 (1&/E)

Ind Tendance (31/12/81) 1103.60 : 103JJ 1 ] 100.4 : S3.E I 105.6 iBr1|B2j | 97.7(4/1/82)

STANDARD AND POORS .

I , | . j , ! , „ ■ ■ ! 1981-88 jSInce Cmpil't u

I Jan. Jan. I Jan. 1 Jan. Dec. Dec. | . — J— j —

7 9 6 4 31 30 Hlghf’ Low Hlgti Low

OERMANY i 1 < j

FAZ-Aktien (31/12/58) [ 222.66' 221.31221,31 I »1.3G 245.47 (3/7) ! 215.88 (8/2i
Com m e rr ban kiDec 1853); BSO.SOi 574.8 ' 878.1 673.8 \ 743-0 (3^) 688.4 (18/2)

Composite

132.85! 153.18] 154.171 1S7J8V l57.ld 138,98) 157.02 128.49 [ 160.96 5.62

»i«i /urn*! ,»;,w paste

HOLLAND | J I

ANP-CBS General (1970) 84 J 14.1 I 84.0 88.0 96^. rtOrtl 78.8 fZBiBi

ANP-CBS Indust (1970) -B3.7 j BM ! 6M ! -BI.I 76.4 (22/8). ! 81.4(22/12)

Ind. div. yield %

; ffl/I/811! (24/91 ,(28/11 BOj /1/6/M
Dee. 30 | Dec. 35. '.Year ago (approx

HONG KONG

Hang Seng Bank(S1/7/64) 1413.791409.40,1395.721386.78; 1810.20 (17/7) ! 1118,77 /BH01

ITALY • !

Banca Comm Ita (1972) 184.84 182,86 187.56. 189.66; S9L05 >3/6) : 188.44 124)7)

Ind. P/E Ratio

Lang Gov. Bond yield

DOW Average na«/«l 76SL22 769 1. B2 7697,60 7719.34 B019.14 (17/81 8958.52 il3.3)
Tokyo New SE (4/1(601 564.97: 607 .57 568.46 B71.64 605.92 il7.8) I 496.79 iS. I/81)

Early 5.23 rise on Wall St

sr

STOCK5 MOVED higher is Value Index put on X.S2 to 311-32.
moderate trading on Wall Street Turnover 2.94m shares,
yesterday, although investors *

moved to the sidelines to await L3I12QE
both the Weekly Money Supply Markets moved UI
figures and the interpretation of arn „„ H nnn „ r « fBrri3 *

Industrials retreated in stow
trading.

AOD rose 4 cents against the
general trend to SA1.64, while
Bartogen slid 40 cents to
SAB.20. ^ • .

Retailers were steady ana

Brewers were down. '■

H. C. Sleigh, however, added

Canada

Markets moved up slightly
around noon yesterday, with the

Sno^ 0 2»i5in? 5 ISS5!? 1 «iit Toronl ° Composite Index rising
long standing Antitrust suit to 1,595.2

against ATT.

The Dow' Jones Industrial
Average gained 5.23 Id 867-01

Michelin lost FFr 11 to 676 and
Peugeot SA dropped FFT 6 to

177.

Foreign stocks were mostly
firmer, except for. Gold Mines
which were mixed.

Switzerland

Leading Industrials

ad van-

Average gaiaea u) s.tt’iA, mi ana uas id 0 f trade oi over j..biu Ciba-Geigy. aanaoz ana

by 1 pm, reducing its loss on the 3.55L1, Baziks 2.04 to 34S.22 and at SA1-20. -Nestle.

week to 7.99, while the NYSE Ail Utilities 0.60 to 232.80. Coffey Motors had a Hoffmann-La Roche and Feld-

Common Index, at S69.47, firmed Massey-Ferguson held un- * daI 0 f almost 800,000 gchjgesschen featured gains
45 cents on the day but was still changed at S2, despite a loss for t[ ares at SA1.32, well below the unofficially trade! stocks,

off 81.64 on the week. Advances the year— -it plans to seek further maJ lk et bid price of SA1-45. In a quiet Foreign -sector; Dol-

led declines by a four-to-one “lender

majority in a volume of 30.97m rp T

shares. AOKyO

support

Analysts said the M-1B measure
of the Money Supply, to be
released after the close, is
expected to be down about Slhn.

Share prices declined on scat-
tered liquidation of margin posi-
tions in a quiet market.

The Market .Average shed 29.00

Tar stocks. traded around Thurs-
Germany day night's New York dose.

J Buying interest in Dutch Inter-

Leading shares dosed £e9dy nationals focussed on Hoogovens.

after a moderately active session

nationals focussed on Hoogovens.
Germans posted modest gains,

a U.V— — — — « . u UtUUUUU Hwsicu iuwuw. auwi,

which .saw the Commerzoans gjf Aquitaine moved higher ‘ '

A drop in the Money Supply to 7^62^2 on a light volume of
could take upward pressure off 290m (2S0m) shares.

interest rates, analysts said. The Precisions. Motors, Light Elec-

Stocfc Market fell sharply earlier tricals. Communications. Drugs
th-Tic week after an unexpected and "Large Capital** shares fell

Index rise 5.4 to 6SQ.2S. ■

Steels continued firm.

In strong Engineerings, KBD
gained DM 4 M 17S.50. GHH
DM 2^0 to 212.20 and Linde
DM 3 TO 314.

in otherwise inactive European
Oils.

Milan

Generally

firmer

rise in the M- 1 B measure was
announced on Monday.

Analysts also attributed the
relatively low volume to a sur-

but some “Low-Priced" and
“Incentive-Backed" issues were
bought selectively.

Non Ferrous Metals. Fisheries,
Synthetic Fibres, Chemicals.

In Electricals, AEG shed DM moderately active trading. There

relatively mw volume iu a ^ synthetic Fibres, Chemicals,
pnse announcement that ATT Tykchineries and Speculates
will spin off all its local telephone were higher.

0.30 to 45.10 on uncertainty over
the Soviet pipeline deal.

Among weak Stores, Karstadt
fell DM 4 to 183— it reported

was a general . recovery . from
Thursday’s' depression after’
Bastogi-lrbs Spa was suspended
on share markets.

parent company turnover up 3 2. . Bpnks. Insurances and Finan-

companies under an agreement
to settle the Government's Anti-
trust suit against the company.

Also affecting the market is
speculation that some decision
may also arrive on the Govern-
ment's Antitrust suit against IBM.

IBM and Government Attor-
I neys are meeting with the Judge
in the trial and informed sources
said progress towards a settle-
ment will be announced at that
time.

Trading centred on the Blue
Chip issues, most of which were
stronger. Eastman Kodak rose
S1A to S734. U.S. Steel SI to
$291. General Motors SJ to S401-
Precter and Gamble S5 to S79$
and Minnesota Mining S§ to $53 i.

High Technology issues, such
as Optical Fibres, Manufacturers
oF New Ceramics and Robot
Makars, fell on profit- taking.

Hong Kong

Slightly firmer but below the
day's highs with gains' pared by
some late selling ahead of the
weekend. Trading was active in
the afternoon.

The market firmed initially on

per cent in 1981.

Public Authority Bonds
showed fluctuations of plus DM
0.30 and minus DM 0.70. The
Bundesbank sold -DM 21m of
stock.

Mark Eurobonds were steady m
quiet trading.

rials led the upward trend.

Bonds were mixed in reduced \
trading.

Johannesburg

Paris

Share prices tended firm in
moderately active trading.
Institutional buyers were

carryover demand from Thors- encouraged by the recent state -

Gold shares turned mixed
towards the close after a firm,
opening in very' thin trading.: .

Rnstenburg Platinum shed 20 :
cents to 510 cents after the .
chairman's statement which
forecast a sharp Fall in profits. .

Industrials were very, quiet . ..

day's advance. In addition, there
was a general lack of sellers

ments of Finance Minister,
Jacques Delors, on the economy.

Singapore

with renewed Institutional boy- such as his goal of an annual
Ing underpinning prices. inflation rate of 10 per cent by

Leaders closed mixed, reflect- the last quarter of 1982.
ing the late selling. Yesterday's purchase by the

A ucfvaKa Bank of France of around

AUWTdiu FFr lObn of First Category

Prices continued their down- Paper was seen as essentially
ward trend as the All Ordinaries technical and did not Influence

THE AMERICAN SE Market

Australia

Index shed

and trading.

Closing prices for North
America were not available
for this edition.

market leader BHP closed
cents easier at SA9fiS-

Banks. Foods. Electricals and
Oils were firmer, while Cars.

Most Oils weakened. Metals Rubbers, and Stores tended

and Coals
several of

ground

Esso SAF gained FFr 10.90 to

tiie better known 212, while C3e- Generate des ets

-Share prices dosed narrowly
mixed on bouts of profit-taking
and buying support in fairly f
active trading.

Far-East Levin gston - rose
15 cents to SS6.70 and Metro . .
35 cents to SS&45.

Hotels were, slightly lower,.-/
Properties mixed. Commodities \
steady and Second Trading:' -
Section higher. General Ceramic-;
moved. up 40 cento to SS&65, but , v
City Development shed 10 cents
to .$8.4,38,

CANADA

BELGIUM (continued)

HOLLAND

AUSTRALIA

Price j + or
Fra. -

Price + or
Fie. ; —

i Price ' + or
[AusL 9! —

JAPAN (continued)

• Price
Jan. 8 , Yen

AMCAint! ' 23

Abltlbl 20

Agnlco Eagle...... 6U

Alcan Alumin • 26*

Algoma Steel : 43

Asbestos j 18*

Bk. Montreal | 23*

BK. Nova Scotia. 26*
Basic Resources! 4,15

Bell Canada... .™ 18*

Bow Valley , 18*

BP Canada ’ 30*

Brosoan A.™ 24

Brlneo I 5.75

B.C. Forest 12*

OIL Inc. 33*

Petrotina.

Royals Beige

Sac. Gen. Bana...
Soc. Gen. Beige ..

Safina..

Solvay-

Tracton Elect™ .

UCB

Union Mimere....
Vieille Mont

4,555 -40 I ACF Holding....

4,600 -100 f Ahold

2.805 + 5- 1 AKZO I.

69

63.1 +0.2'
23.7- n, 0.6

ANZ Group 1 5.6

A crow Aunt 1 1.5

Ampol PeL 1 1.67

1.098,

3,160 -15
2,075 -‘•50
2,370 -10
1,460 -40
592 -2
1.304 -12

DENMARK

CadlllacFalrvinw 13*

Camflo Mines.,
Can Camant....

E Andelsbanken. .
Baltics Skand™

127.4 -1
353 •

iCopHandelsbanki 137 ' ■

Can NW Lands...; 34*

Can Packers 33

Can Tnisco 28

Can Imp Bank. .. 28*
Can Pacific.*.... • 40*

Con P. Ent 17T fl

Can lira 33

Chieftain 1 20*

Comlnco- 53* 54

ConsBathstA 18* HI*

Cont. Bk. Canada: 7n ■ 8*

Costain 9* : 91 b

Daon Devei 4.85 J 4.85

Denison Mines ...' 33 .32*

Dome Mines ; 17* 2?7s

D. Sukksrfab.™ - 347.2 •*■4.6

Danske Bank 137 . ...... .

East Asiatic. ■ 129 +0.6

Foronde Berygg. 580 --45

Foranede Damp. 386 ...„

GNTHldg 268 J +3.2

Jyake Bank 185

Nord Katie) 155

Novo Ind 1,400

Papirfabrikker... 91 ■

Privatbanken 137.4

Provi rntban ken ... 130 i

Smldth iFI» 245.6 -0.4

S. Berendsan 479 | t7

Superfos ‘ 143 t-3

ABN I 283 ! +5

-15 AMEV |7 J +2

-^30 AMRO 52.7- +0.7

—10 BrederoCart 186 +1

*40 Bow Kails 59.5 —0.2

—2 Buhrmann-Tet..., 35.5 — QJ&

—12 Caland Hldgs 54 . -O^

— — Elsevier NDU 134.5 +1

Ennia. .... 115 , — 1

Euro CommTst...' 74

, Gist. Brocades... 63.7; +0.7

+ or Haineken AJ.7, +0J

Hoogovens ■ IS-! +0 - a

— Hunter Douglas.. 6.6

Int-Muller 19.6 +0._1

KLM ; »2^ +1

Naarde's 2B.5- .™... _

■ k4 - 6 Nat Ned cert 108J5, -0^

’lin'd.’ Ned Cred Bank... 34 +0.5

+°- 6 Nod Mid Bank.....: 122.5 ...

^ Ned Lloyd | 136.5 +0.5

...™.... oceGrinten 66.5 +1

+3 - z Ommeren (Vam™ 29 +0.5

Pakhoad 40.8 +0.8

Phillips.™ - 21.2 +0.1

RijnJScheWe ™ 33 -9 +1

Robeco 318 •

* Rodamco 118.5. ... .....

Aesoc. Pulp Pap ^ 1.85
Aiidimco ...™.™..™l 0.12

IL J 12 - I Aust. Cons. Ind...[ 1.72

*S’ 7 I?’ 7 tAustGuarant 2.5

55 . +1 9 I AusL NaL Inds... 3.1
~5‘| 1 AusL Paper....; .. 2.05

Si' 5 “n? iBank NSW ! 2.97.

44 . — O.a Ini... u.ui : t ’in

™_Oj )« Kubota .: 340 — .1 .

+ q 1 Kumgaal 376 — 4-

_0.'oi Kyoto Ceramic ...3,950 —100

0 OB u on 405 . -•■3

MaadaCons.....™ ! 506 —t

il!oj(R5 Maklta 866 —5

_q m Marubeni 350 !

—0,02 Marudai...™ 700 —1.

_Ojjj Marui ._. 931 : —4

. ™ .Bank NSW....!!!!!!! 2.97. 1 +O.Ol|MBU»i«Wt» i - ■■■• • 1.1®0 -20

— 9- 5 1 Blue Metal 11.70 1 I M ta Elec Works. 581 —19
+ J j Bond Hldgs!...’..... 2.6 j — OJbImXsIiI Bank. 487 ........

i — ■ L Boral / 5^0

J?™. • BJ’viHe Copper. J 2.22
62.7 +0.7 Brambles Inds. 2.45
47.7, +0.2 Bridge Oil,.....™... 4.3
16.1 +0.8 BHP ‘ 9.98

ins Tn'i" Brunswrok Oil. 0.18
^ I 9-65

CSR ! S . 75

6 6

i9.6 +d,i“

M'bishl Corp. 635 -r2

M'bishl Elect ..... 317

Liije M’WshiRI East..™'- 448 +1

-0.15 MH I™ 244 —2

-0.07 Mitsui Co i 346 • -1

Mitsui R/Est '. 633 • +6

22*2 CSR™" 3r!75 : — o 1- NGK Insulators-. 1 540

iobJ' ■“Q-g - .Oartton"ft"ittd":!!} %B ..- -OJJ5 Nippon Denso.™..: 1,000

‘Sf*®: “S-i CasttomaJnelW 3.65- -D.OB Nippon GakW — , 700

19H*5 0,5 Cluff Oil (Auati... 1 0.67 -C.01 Nippon Meat.™ ™.i 40B

123.5 Do. Opts i 0.45 . NipponOH 1,020

*?■ Cockburn CemtJ 1^8 -OJ1 Nippon shlnpan™ 966

ac® tna Colas fG.J) .1 *.40 ■ :.. Nippon Steel....™.; 173

on h tnn Comalco 1,57 : -0.M NtoponSulsan 274

40.8 +0.8 container,.... i 6.40 , MTV ^- ™.4.4B0

21.2 +0.1 Costa [n A ... : 2.85 Nissa Motor 616

33.5 +1 . CrusaderOii. ; 6.6- i NrsshlnFlour...;...) • 350

318 • Dunlop .'..I 1.03 —0.01 Nisshin Steal : 165

118.5 Elder Smith GMl 4.40 ( Normura ; 566

£5 #

Mi

33.5 +1

345.6 — o! 4 5°Mnc»- , 212.5 —1.5 Endeavour Res..| 0.39

479 t7 Roranto™ + ?'f Se * Pr *> Trust .. 1.82

143 t 3 Royal Dutch 84.6; +1.1 Hartogen Energy; 6J2

Normura :: ; 55ft —7

I Royal Dutch

S lave n burg 'a .....

84.6! +1.1
71.1: —0.1

Hartogen Energy; GJ2
Hooker 1.35

Tokyo PSc Hg 226.5L —0.5 I /ci Aust!.. "!.'.'!!.'

Dome Petroleum! 13* i 15*
Dom Foundries A: 395a I 40*

Dom stores 151« . 15i«

Domtar , 21* ' 21*

FaloonNIekel • 68 70

Genstar 23* 1 23

QL- West Life, 243 '243

Gulf Canada — ... 17* ■ 17*
Gulf stream Has... 5.00 5.87

Hawk Sid. Can 12 | 11*

FRANCE

i Price !
' Fra. |

Em p runt 4h% 1373 2,002 +6
Emprunt 75S 197B- 7,000' -rlO
ONE 6% 2,810 -25

Unilever

Viking Rea,

Vmf Stork

VNU

Volket-Stevin ..
West Utr Bank.

J 3 ?. 5; +2 Jennings 1.50

13 i I -* _ Jlmb'lanalSOcFP. 0.45

25 x 2» J o««(Di L70

+ S’5 Kla Ora Gold 0.13

Sir. 1 Leonard OH • 0.44

NYK 316

Olympus • 999 '

— OS' Orient :... : 1^10 '

™... ™; Pioneer 1,680 i

Renown .798 !

Ricoh 6 10 j

Sanyo Elect 435 .

Sapporo/ J 257 :

Sekisui ProTab...i 780 :

3e si

^”|Sh'aip. ■ 781 | —9

72.5 +5.3 |MIM !"..!!!, s!o5 1 ^O.fifilShlaiedo • 1 840 ! ,.™,

— — — I ™> u - aw 1 n nlSonv 't Bill ' C

[Air Liquid* 465

Holllnger Argus™ 30*
Hudson Bay Mng 24*

Aquitaine ....
Au Prlntemps
BIC .

127.5, +12.0
362 : +2

Hudson's Bay ! 21* j 31*

do. Oil ft Gas... 51
Husky Oil....™™....' '10*

Imasoo 40*

ImpOIIA 35*

ineo. 16*

BIC 383 +3

Banq' Rothschild 216 -r4J5

Bouygues 1,025 -25

Price + or
Ure . -

Meekatharra Ms 8.3

Meridian Oil 0,3

Monarch Pet ; 0.16

MyerErtip™ : 1.55

NaL Bank™..;... ’...I 2.75

News • 2.6

Nicholas Int I 1.38

North Bkn Hill.... 2.6

In dal 15

BSN Gervais .
Carrefour ....
ClubMediter.

CFAO

CGE

[Asaleur Gen 140,500 +1JW*SlfS5 r ^ B *7

Banca Com le.... 35,350 +3501°^,°/ ^P* 1 :

1.615; +80

inter. Pipe

CSFiThomson) ...i 198

Bastogl Rn 204

CentraJe 5,500 +16

Credits Varesino 7,900

Fiat 1,571 +13

Pancon .' 2.35 ‘

+ 150 P* n Pacific ..... ! 0.35'

Pioneer Co 1 1.68

1 12" Oueen Marg't C.- OJ21

Mac Bloadal • 26*

Marks ft Spenser. B*

Masaey Ferg I 3.00

McIntyre Mines..; 38*
Meriand Explor™- 10*

Mital Corp 27*

Moore Carp™ 38*

Nat. Sea Prods A 7*
No ran da Mines ... -21*

(Cie Banealre j 176

CieGenEaux 1 285

Co fi meg 110

CCF 166

Creu&ot Loire 54.

CFP 127.

DNEL 40.

Dumez 1,32

Gen. -Occidental. 417

Finsider:.!:!!!:::;::: 2a.?6 +o.7Bi5 ee i' itt * :Co|n --.

■■■¥»>!■ 2 863 + 18 - -

ihUcementi 34J210 +21off^(SJ l 1

Italslder I80s I Southland M'n'g. 0.4S

166 Montedison 162.75 +6

54.5 -0.3 Olivetti ' 2,370 -31

127.3 +7.2 Perelll Co '2.240 +6

40.5 +1.3 Pirelli Spa 1,178 +18

1,328 —12 SniaViscoea 636 +11

■17 . — 6
79.51 +2.2

Southland M'n'g. 0.49
Sparges Expel.... 0.37
Thos. Natwlde.... 2.S3

Tooth 3.30

UMAL Cons 3,0

Valient Consdt... 0.1B

— 0.18 Sony .3,920 ! +90

— 0.B5 Stanley ; 377 , .-^3

+O.D1 Srtomo Marine™.; 293 I —2
Taihal Dengyo... 600 I —10
^•n of TaiseL Corp.. ..... 265 J . -tA
TaishoP harm....' 610 +-4

+ 0 - 05 Takeda 981 -39

Zb“h« TDK ...3,450 -40

T * Uin 345 1 -2

Teikoku Oil™ r 803 ; -5

—oil’s "TSS — 467 i —4

' Toklo Marine ™™., 498 . —6
— dia2 Tokyo Beet Pwr. f 940 : +1

Tokyo Gas j 116 1 ...™^_

!.! Tokyo Sanyo 463 ' —2

-^j.M Tokyo Corp 211 : —4

+ 0.02 Toshiba™™. 1 365 „-...'.™.

TOTO — 427 ‘

Toyo Seikan 1 416 ! —1

iln oi Toyota Motor .... 990 ' —10
Victor 2,660 1 —10:

ToroAssio 18,060 — 180 1 Waltons 0.85

Nthn. Telecom...' 55*

Oakwood Pat • 16 *

Pacific Capper... { 1.95
Pan can Petrol...- 67*
Patino ; 18*

Placer Dev. : 14*

Power Corp 1+** 1 14sj

I metal 79.6| +2.2

Larfarge 287.5 +0,5

L Oreal ■ 745 ; -a

Leg rand ' 1,5 14| +64

Machines Bull. .. 27.8, +0.4

Matra 1 1,215

Michelin B 676 \ -11

Moet-Hennesey . 575 ■ +9

Moulinex 59 -1

NORWAY

Jan. 8

] Price

+ or

iKroner;

Zaire J ra W» I 730 -3

Yamaha j goo 1 +7

Yamazaki ! 590 '

Lolu Yaeuda Fire L 306 ; -1
Zo m Yok °fl aw » Bdga. 560 ! — 2E

HONG KONG

j- Price ] +br

Teck B

TransCan Pipe .. 23*
Trans Mntn. Oil A’ 9*
Utd. Sisco Mines' 6*
Walker (HI Res.. , 23*
Westcoat Trans™. 12*
Weston (Geo) 35*

3.30

3,35

Paribas

Pechlney

207.5; -0.7
99 -0.3

87 a

9

Pernod Rlcard ...

291 1 +3

11

11

Perrier

149.4

40

59*

Peugeot S .A.

177 ■ -6

36*

26*

Poclain

137.9, +0.7

14*

14*

Radiotech -

227 \ +7

12

12*

Redoute

825 1

68*

68

Rhone- Poulenc ..

119 1

297 e

30*

Raussel-Uclaf .....

St. Go bain

Skis Rossignol... '

235 ' +6
149.9 +0.9
505 i +25

10*

10i :

Suez !

329 > +2

33 7q

34*

Telameeh Elect:

907 1 +13

22*

22*

Thomson Brandt

247.5! -0.3

30*

50*

Valeo

189 ; +3.S

Bergen* Bata ...I 106 ; —3.5

Borregaard > 130

Creditbank : 133 J

Elkem 1 48 : +0.5

Kosmos I 425 i

Norsk Hydro ; 402.5. —2.5

_ , Boustead Bhd 3.89

Jan. 8 . Price +, or Cold storage • 4,3

| H.K.8' ■ DBS ' .8.65

Cheung Kong i 21,4 ! —0.1. fjo

Cosmo Prop. , 3 1 Inchcape Bhd...,- 3,19

Hfinlrf S. arbo iL r- + ?' B Malay BanXing.. - 7.65
H*n9,Sen g Bank 137, . ;+l Malay Brew. | 4.80

Storebrand...

237.5, +2.5

v’" s 2E

SWEDEN

■ Pries 1 + or
iKronor —

9* ■ 9*
6* 6*
33* : 22*
12* 13

35* 1 55*

223 ' -1
207 [ +1
177 ; -1

[AEG-Telef ...I 45,1] -0.3

AUSTRIA

Price ‘ + or
% 1 -

; “ AGA I 223 I — 1

[GERMANY Alfa-Laval 207 [ +1

• , ASEA 177 ; -1

*-• :■»• +_* SStsmsrZD m i ti

I : 1 Pm - ' ^ Bollden ‘ 226 = -7

AEG-Telef 45 lj^_o 3 CdllUkua 255 !

Alllanc Vera..„i.!i. 436’ j +e' Electrolux B 88 i + o

BASF'..,,,.,. 1 135 +0 9 Ericsson ! 220 l

BAYER, i .iiiiiiii 117 • +oi? EMeltoiFree) | 160 j -3

Bayer-Hype. | 183 j Fagerota ; 134 | — 1

Bayer-Verem 1 264 I — S.5 Fortia(Frao) 1 96 1 -1

BHF Bank • 196 > +0.7 S&SSiiSSS ‘ I +3

Brown Boverl ...J 209.5! +0)5 "! 22™ 1 +B

Commerzbank.. : 131.7; +2.2 5S?" 1 *25' ■ +5

Conti Gumml j 42,l| +0.1 SkanEnslulda ... 250 1-3

Daimler Benz 283.5 xr -0.3 ft 1 ~ I

Deguasa 241 ► -1 r S - ?15 I +s

HK Electric 5 l7 I + 0.1 1

HK Kowloon Wh.. 5.5 |

HK Land™ -..,J B.45 ■ — Q.OS

HK Shanghi Bk...[ 14.6 I +0.1 !

HK Telephone.... 29 J

Hutchison Wpa.„i 18 1 +0.2 ,

JardineMath 1 19.6 1-0.3,

New World Dev 5.10 +0.5 !

Trust Bk_j 5.95 . -0.15

SHK Props.; 1 8.95 1 +0.2 ;

Swire Pac-A™....-1 11-.5 \ +0.2.;
Wheel’k Mard A. 6.75 —0.0s

WiMl'k Marttlto 8.15 1
World int Hldga. 2.6 '

+ 0.1 OCBC 12i3

........ Sima Darby. f a.B2

— Q.D5 Straits Trg. '.10 J2

+0.1 UOB...;..... , a.S4

‘ +0.10
1- *0.1-.

SOUTH AFRICA

1 Price.) ,+ or.
Rand

Allianz Vera 436

BASF' 135

BAYER, , 117

Bayer-Hype | 183

Bayer-Vercin 1 264

JAPAN

,- 3

| —1

—1.5 Ajinomoto™™^....

+3 Amada
■ —2 Asashl Glass™....,

Prioe J+ or
•Yen I - ■

— O.QS Abercom 4.45 1 +0J»

Cl | .g.75;.-U.10

Ang o Am. .16.05 +0.10 ;

— — Anglo Am Gold... ; 105JS5! +6
Anglo Am Prop..-,: 3J*0. —OM

_ . Barlow Rand J. 10 .G 0 L

Buffels — I 43 ‘ i +0.5

Lav gNAInvesL | 7^51 „.™._.

I- or Currie Finance;..! -S.S'l ' -

Bridgestone.™....: 446

Creditanstalt.... 219

Landerbank ■ 18B

Portmooser 258

Semperit • 103

219 ■ -1
18B 1 -2

I Demag 1 144

I Sven Handelsbn .1 134
| Swedish Match...' 119

Canon_„.,

Citizen I

Dalel

DKBO -

Daj Nippon Ptg.„.

Daiwa House ; 3B6

iKSarSSt’ SK J{SI ,WW ™- :: « '••-.Is-wSSCri 1™ i IT

DU SchulL.

Tokyo New^Ei4/l/2p) 5M.87: 687J7 568.48 871.64 605^2 1 17,81 i 486.73 (5,1/81) Stoyr Dailmir'.'.'.' 173 .! !! "lOreadner BaWki'! 133

IbWA 436 1 +10.

NY. S.E. ALL COMMON " jM. F ??an. 8 Jan. 5

| 1961 -82 : . .

, Jan, Jan. : Jan,! Jan. < Issues Traded... 1,875 1,894 ji.sis

I 7 ; 6 : 5 : 4 i High j LOW 854 I 475 391

— : — — | : Fall* 788 ,1,040 1^03

69,0389,1869,72.71,20 79.14 64,96 Unchanged™..™. 435 379 321

, | I (8/1). (126/9) New Highs 5 6 JO

NORWAY
Osip 5E (1/1/721

Vei tocher Mag-

124 JS 124^4! 124.45 128.B8 146.72 (6/8) , 1ID.S4 (5/6)

GHH '

Hapag Lloyd j

212.2 +2.2
60 !

SWITZERLAND

Fuji Bank.i!!!!!!ii!i soo

SINGAPORE

Hoechst

Hoesch

122.5' +0.5

Straits Times (19GSI 887.56' 807.98 810.78! 807.141 875.28 (26iB; ; 615.26 (1/8)

iHdzmann iPj .. .. 385,5

I _ [ +or

Price I —

1 Fra,.'

Fuji Film,™ ; 1,200 •

Fujisawa .1 ....j1,40C !

Fujitsu Fsnuc ....;fl,770 ■

De Beers B.65; ... ™... -

Dritfoptahi I 29.73, +<L25 s

FS Gaduld™...™... 36 ]

Gold Fldfls SA ...J -93 /

Highyeld Steel .. .; . 03b' +O.B .

Huletts....™.: ; 9.15 +0.10

Kloof, ......I 38 ' • ~ . '

Nedbank- -f 6.8G|'.^bire

r 0K Bazaars. 21.5 \

Protea Hldge v ....; a.60l +OJB . .
Rembrant 11,45 -+ 0,05

Rennies......™ 4 ‘ 6.4 . .

Rust Plat ; 5;10 — oiffl

Sage' .Hldgs™, a.O 1 .

SA Brews™ 5.15;.‘+ 0,03 _ .

Jlcer Oats..™...%™: 21,5 , ,..,™...
unlsec 3.43 +0JI3,

Green Cross 12,130

New Lowe. I

SOUTH AFRICA
Gold (1998) '
Industrial (1351)

! - j 685.7 I 56EJ \ 5S9.5 797.S (7/1/81) • 473.8 (5/7)
I - 1 718.B 1 70BJ i 708.4 710.B (7/1/82) j &S7.2 (3/2/

Horten

Kail und Salz ..

Karstadt

MONTREAL

Jan. Jan. Jan. Jan.
I 7 6 5 4

TORONTO Composite! 1 .887 J) 1 1 Sil'j! T81B.B |i3MJ | 2B7B.8 (TU/4) ] .1872.48 (28 J9]

SPAIN

Madrid BE (50/12/81) 100.16

BELGIUM /LUXEMBOURG

(C) M.T7L100.1S

Kaufhof. ■ 139 J -1

KHD - 17S.5; +4

Kloecknar f 59.5; +1

Krupp™ j 35,5. +0.

Alusuisse j 660 +S

Brown Boverl 1,1B0. +60

fflba^elgy j 1,310 +H0

£ 0 lZy}. Can * i " 980- +J0

Credit Suisse ; 2 000’ +15

Elelrtrowatt ; 2,2201 +S0

Unde 314

35,5. +0.5 I Fischer (Geo)....

Industrials 324.11 320.041 BSS.TlI 882.79 *489.88 (27/6) . 81021 (28/8)

. Combined 8(18.0 1 303.611 311.0F 31828 37L28 (li/8) 293.9/ (26/9)

SWEDEN

Jacobson ft P, (1/1/08) 651,1

Thursday

Mebil

IBM

Banka merica

Exxon

El Paso

NEW YORK ACTIVE STOCKS

Change - Change

S Closing on Stocks Closing on

d price day traded price day

00 231. - * Am. Tel. Tel, 483.400 ■ 58* + *

00 56** + <■ Tandy 479,400 34* + *

00 to - * Sinus fe Inds 489 JOO. to. -.h

00 30* — MGIC Inv. ... dSa.100 + *

m 25S + ^ K Mart ......™. 448,000 IS* —

Change

-Stock* Closing

on

traded

price

day

1 .011.800

2ft

- h

757.000

5ft

+ L

685.200

to

- *

568.300

3ft

543,100

2SV

■T \

Jacobson ftp, (i/i/w) | boi.ay l f . y-— Hi)

SWITZERLAND J \ ' v i> 11

Swiss BonkOpn.(31/12«fli|jW£jl . . ^

CMbd Inti. (1/1/70) ! -

Lufthansa.
MAN

Fiscner(Geo) BOOi +10

Hoff-RochePtCte 63,500 +601

Hoaegawa

Heiwa R[ East ,...|

Hitachi j..;:.)

Hitachi Koftl 1

Honda

Housefood J

Hoya

Itch (C). v .™^..-™,.,r

-40 Tiger Oats — .%.;”2lis

—10 unlsec. 3.43 +0J15

+150 :

- Financial Baud USS0.77i

la :(Dlseoiiittof244%).

-J.2. BRAZIL- .

. [prceJ-fer'
• 1 Cruz- 1 . — .

3.5 J Hoff -Roche 1/10 6,335^ i26

ARBED 1,126] +86 Mannesmann ™... 152 j +0,1

Banq int A Lux... 5,900 Mercedes Hlg ! 245 1 —1.5

BekaartB™ l.SOQi Metallgcssell \ 268 |

CimentCBR™ 1,996| —14 Mueneh Ruck,,...' 660 | —6

Oockartll 172; + 14 Prousaag.™ ; 200^/ — Ija

IPEfv-; J f75 5 Rhein West Elect 160 ' -12

EJ act robe I 3,900 —30 Rosenthal • 281 ;

CimentCBR.

Cocke rill

EBBS

Elect robe I

(**) Set Jin 2: Japan Dow (c) TSE (c)

Bass values of all indices era 100 except Australia All Ordinary and Metal3—
500; NYSE All Camon — 50; Standard and 'Poors— 10; and Toronto— 1.000: the
last . named - based on 1975, t Excluding bonds. 4 400 industrials. $400
industrials plus 40 fftiiitiea. 40 Financials and 20 Transports, c Closed .
u Unavailable.

FabriqueNat 2,200' + 100 JScherlng ... iiii.

G.B, Inno- .
GBLiBruxU

Gevaert

2,370 +70

1.525 -5

Hoboken 2.650

intercom •' 1,550 —16

Siemen

Thyssen

Varta

Vebn

Ve rein West

Kredietbank - 4,2X0 -2BO|VolkswaHon.!iiiii

Pan Hldgs™ ; 6,500; I

188 +1 Interfood™ I 8,500

152 I +0,1 Jelmoll ! *320' +10

245 —1,5 Landis ft Gyr. 1 1*060'

20B | Nestle ™: 5^30 +60

SS* 1 — Oor-Buhrlie \ 1.470.' +56

?22' S| Firalli , S 3B X 3

oo? ' Sandoz (B1 ! 4,250' + 16

281 i Sandoz (R cts) 522 +7

s To a- Schindler (Ptpts) 242-

Swissair 1 . figs -+g •

SvrittSank. j 325 +1

?2b' 5 ' *?* 7 Swire Reinsce .... 6,400' —50

128 , +1 Swiss VoJkSbk ...' 980 + 20

”"1 • Un,on Ban** ™J 3,310' -35

134 1 +1.5 Winterthur ™....... 2,375 +55

*01 Ito-Hanv 430 \ .......

BOOtup-Yokado 'l;0'3o 1 +iq

*60| 44WS

a'soG +M J accs.. ,. : ;;! '683
&!£=:*&•
iss +bt as&p=-tR

1.470 +56 Kashi yama 832

23B +8 Kikkomin 400

4,250- +150 gMn 435

522 +7 Kokuyo 1,000

242 ... . , Komatsu 1 451

Banco BrasiT.™,™ j- 10JW OJO

Banco itau

Belgo Min.

Lolas Amer...
Petrobru PRi.™.;

-3 . ' I Souza Cruz™ ^ .6.-TO ■ —83

I Unip pe
V ale RJo Doce

L85

6 AO 1

7jo;r-oto

Plreln pp.:,.„ j .1.90..

4.65^+tojre
8.00-— 0-Bfr

695 - + 'g -" I Komatsu Flft-...

Konlshrdku S4s

-Tumovsrr 0;fr,2S3.1*ru -
Vqlunn:"8405fflr r '

Soofca; Rip 'tfev.-JanaiTOi SE.

wuuerrnur ™...,„, 2,27s +»5 1 enenasM^' ^ TTv- “ -v ^ u •

Zurich in* ;.:;;:ie;ioo. +ioo]S&^Sl w^ *cdp i«w. xr.&TtobtA.

^ - G#S|^^

INTERNATIONAL COMPANIES and FINANCE

*■ ??r ,.

:C '>M

' i’ ■■

-1 ■

PShupc

Iveco ^Sfv;
vehicles

••'’ r!'.* ■>,; By Kenneth. GaodiiifcWofcor j

farj,, ; : Industry Corrt^oadpfit.-and ...;•. "

©aridUscdi^. ftiNiw YjWk " :

i " .. ' IVECO; ' ■ the ,\ sgibsi^ary’

h:.: ]}' '-.v : i which is Earope’g SBConcf-lRrgest
; commercial- T^de' [ ^KKip. has : j
> -.';; made a -significant breafct&ibugli

s Vv .^-;-': ia North :jSan«Be^:'\V'"' ■:*'.■::■> ' i
/•' ; - It has slghgd: a,'. loog-tenn 1

•- contract tfitftl&taraaiionai Har- j

..; v: ^ V vaster. (IH> j itnascialljr’

:’ troubled. TJ.S. ■ track" and - form j
■ : - - ,vs ‘ !■ ; machinety iidceri.'ffip. sale

;. ' of Iveco^uiltjig^ '^ ,

.throu|h”flie : UiL grant's dealer-
network- Jii North Azaerica.

The deal has a great- attrac-
s: - tion for "both *. companies. IH.

- r - -=' * : gave up makips; light ' coznmer-
'■ :-, ci^ls jji 1976 ahcLi.ts,deaiers will

‘‘u . . certainly welcome nhe ■ extra

• •.■ ’ volume the- Iveco - trudtes . will

- .. give —-..particularly after the:

• 1 r- r : very steep drop .in commercial

' ;•“* vehicle salesin the U.S. in- the

' past two yeira, ■■ .■;'/ .-

?sh-!p»» Iveco has Wfar been the only

“■? European group attempting" .to

tackle the U.S. market without
• : a local partner.- It has *180-

• - • * ■' strong dealer ' network cxf itsown

: !•!:.•«. in, . North • ■Amertm. but the

- ' arrangement with IH gives it
. .‘V access' to a further -IjSOQb.’ •

- ■:- • The - contract -runs for six

■ .J- * year? and has. renewal options,

•; It involves .the Iveco Z range of
"C ' commercials between 5 and l2f
tons gross weight, which are
- made at the '.plant’.iri Brescia,
northern -Italy* , - - .

-'■'r. / Most will r be, shipped in
■ , chassis-cab form’ tjo! the U.S.

where .bodies will .he added
locally. . .

“■ Iveco iatrodoced tiie 2 range

.to the U.S. late last year (1981),
‘'using a jKLSckner-Riimboldt-
. ;Deutz airicooied engine. 'Follow-

! " • « > ing the launch : throujH* : the IH
. - dealer in March, an Iveco water--

cooled diesel will also, be i^edl . •

Iveco said it sold about 2,600

, . r- vehicles in North America last :

“ : year 1 — most of them medium-

V' • heavies bearing . the Magirus

• badge— and would: expect this
to jump to 5,000 in 1882. . It

• estimates .it ' . can - sell 3;00Q
through its existing -^network'

. and.” 2,000 ' throuj^i . the IH •
dealers. .'"i

IH will; put -its -- owzl badge, .on '
the vehicles to go through its
network and there will. be other-,
minor modifications. . -

General JJotorrf and Ford are
the main contenders in : the .
' segment * of; : the ■ market' t into - 1
” ;• which the :Ivecb vehicles' are
.- slotted. : • • . ^ v 1 ;

Massey reduces loss but '

- colIaDse

Sees more rationalisation causes

Swiss Government
extends tax options

BY ROBERT Gi&BENS JN MONTREAL

RSSULTS'FOB the final -quarter
of . the year at Massey Ferguson,
tbe troubled .Toronto-based fahn
and industrial equipment com-
pany; show that ;tts recovery
' plans have been -delayed by the
recession in world markets and
the.ltigh -interest rates in North
America;--

Further -rationalisation of its
.operations may be needed, the
company warned, and heavy
losses .. will . extend . into the
currttitv first quarter of "fiscal
1982 , aha possibly' ■ into ' the
second’ quarter.-./.

- Overall. ’ tfte farm equipment
industry is not expected to do
more than stabilise itself this
summer, which, may well mean’
Massey having 'to apply for-
further support from its bankers
and from the/ Federal ..and
Ontario Governments. . ....

The refinancing -package
arranged last year with the
Federal Government and
Massey’s bankers have improved
the company's balance sheet,
but further changes in credit
arrangements. may' be needed.

For the full year ended
October 31 last, Massey showed
a consolidated . net loss of
ILSJgl 94.8m , against a loss of
: U.S.$225.2m a year earlier. Sales
were $2.65bn against $3.13bn.
' The fourth quarter loss was
?108-4m against' a loss of
. $lfl2.3m a year earlier, on sales
of S705m, down 17 per cent '
In the current quarter, ending
January 31, Massey warns that
there will be a net loss of about

r-:. • ■ .

The year’s loss was.. after a:
$28. 5m exchange' gain and.
$5.1m re-organisation • expenses
-against $76.8m exchange loss
and ¥28.5m re-organisation ex-
penses. .

• Massey attributed the higher
then expected loss in fiscal 1981
to. high. interest, rates and low
commodity prices, which ad-
versely affected world Jarra and
industrial equipment, markets.
Hopes for- an upsurge from
pent-up demand were dashed
by the record interest rates last
summer and autumn, while the
world'market fell to a six year
low. i

Amro buys 52% stake
in West German bank

BY CHARLES BATCHELOR IN AMSTERDAM

AMSTERDAM .- ROTTERDAM
Bank (Amro) has acquired, a 52
per cent stake in Handels und
Prrvart: Bank (HPB) of Cologne
in its first direct move into the
West. German market Aparo-
plans to- increase its bedding- tjo
between £0 per ceaA and 70 per
cem by the end o t flhe year by
taking' over the' ' remaining
shares held by ' Landmptsdha-
fliChe Seatenbank of Frankfurt
A 7Q per cent bonding In HPB
■would be worth about DM 32m
($14m) based oh' 4ihe August
share price' bn the West German
over-the-counter market when

Amro first announced plans for
■the acquisition. Hie Dutch
bank declined to reveal how
much i-t is paying, however.

HPB has a balance sheet total
of DM l.lbn ($48 6m) and made
net profit in 1980. the latest year
for which -figures are available,
of DM 1.6m. It has 16 offices
throughout West Germany and
employs 325. It specialises in
funding small- and medium-sued
businesses. Its development to-
wards general banking activities
means it no longer fists in -with
the agricultural activities- of
Rentetibank.

Saudi yen bond holdings

BY OUR FINANCIAL STAFF -

THE SAUDI' Arabian Monetary
Agency (SAMA) holds' an estim-
ated ' Y2.O0Obn ; <$9bn) ' of
Japanese national bonds, mainly
bought since early 1980, accord-
ing to researchers at Daiwa

- Securities,, the Tokyo 'securities
house!

Of the •. totat, an - estimated
Y800bih-Y90Qbn were bought in
calendar 1981. including an
estimated Y500bn bought ;
through .the Bank of Japan. ~ l

But Massey maintains that it
is still the world's largest trac-
tor producer, second largest
maker of combine harvesters
and a leader in diesel engine
manufacture. Last year’s re-
organisation has put it in a
good position when the market
‘ turn comes.

• The debt refinancing package
negotiated last year saved the
company $230m in cash outlays-
and $120m in interest was for*
given -but Recorded as a -contri-
buted .surplus. However, in : .
terest - expenses still' remained .
at $2B5m -against 5239m in the ]
income statement.'

Shareholders equity at year 1
end totalled -$569ra against
5353m. Oatstanding shares
were 43m against 18.2m as a re-
sult of the refinancing, while
about 20m more shares will be
issued under the refinancing
programme.

Inventories at $747m had fal-
len by 5241m on the year. Re-
ceivables at $634m, reflected
continuing high dealer stocks.
Bank ‘ borrowing at year end
were $123m against $l-2bn.

! Australian
aviation deal

By Our Financial Staff !

THE MERGER of two Western
Australian companies, Skywesi
Airlines and Transwesl Airlines,
has created the biggest general
aviation company in Australia.
The merged company will have
36 aircraft- and assets worth
more than A$32m (US$37m).

Transwest is 50 - per cent
owned by Zung Fu, the -trans-
port and trading subsidiary of
Jar dine Mafoeson of Hong Kong.
Zung Fu -last June reduced its
holding in . Transwest from 100
per cent to 50 per cent at the
request of .the Australian
authorities and will own 33 per
cent of the merged company. No
additional financial details were
disclosed.

The new company will be
able -to take advantage of
economies of scale, according
to the joint managing directors
of the new. operation. Mr Dennis
Howe of Skywest and Mr.
William Jfeeke of Transwest- ~

“ Increasing ’ needs and
sophistication of aviation in.
Western Australia demand a
high level of efficiency and a
modem fleet of aircraft.”

concern

By Giles Mvrritt in Brussels

THE BANKRUPTCY of a
leading Belgian construction -
company.. Internal ional Con-
struction Association (ICA)»:
after the collapse or an
important Saudi Arabian con-
tract, has sent ripples of
concern through the country's
financial and banking sector.

As ft result of speculation
on the . size of tbe lCA con-
sortium's ! outstanding * debt,
Kredielbauk the- third largest
Belgian bank, has -said that *
the'- losses It bad incurred
would - have a ‘‘minimal”
impact on Us net firotU* for
I be year ending -Mareh 31,
1982, which it expects to be
comparable to ibe W’r L.7bbu
($45.5m> earned. in KMttJ-gi. •

: Kredidbank - said that it
w.as not yet able to put ft pre-
cise figure on the-losses which
would, result from 1CA which
filed for bankruptcy on
Thursday.- ICA’s outstanding '
debt to Belgian financial iiLsli-
(u Lions has been estimated at
between' BFr L5bn and
BF r 2bn. .

IfA's collapse can be
traced to a Saudi Arabian con-
struction contract which
turned sour.

The IGA contract with the
Saudi -Arabian Ministry of
Defence is for two' military
education centres at.Ka&sim
and Dawazir. They were due
for .completion by the end of
1981. although -it is under-
stood that they arc still barely
half-built. The Belgian con-
sortium had taken over the.
contract from a West German
concern Bautechnik, which
had also collapsed.

Saudis hold more
of Donaldson . ..

FOUR ’ INVESTORS . have
boosted their slake in Donald- -
son Lufkin and Jenrette, the
Wall Street securities house,
to 19.1 per cent of the com-
mon stock outstanding, reports
AP-DJ from Washington.

In a filing w/fh. the Secu-
rities and Exchange Commis-
sion Com petrol “BVI,” . a
British Virgin Islands eoh>-
oration, Competrol Establish-'
ment, . a Liechtehsfein-based-
company, Khaled al Saud,.
and Solixnan S. Olayan, both
Saudi .Arabian citizens, said
they held 1.88m Donaldson
common shares.

on

.BY JOHN WICKS iti ZURICH

STAMP DUTY has been added
to the iist.of .alternatives the
Swiss CoveriunenLis drawiug.up
under plans to tax the banks’
hussive - fiduciary business. " .

■ Two forms- of 'withholding' tax
Have been: under discussion tor
some time: . A third option, a
stamp duty of between 0.10 jw
rent and 0;15 per cent per'
annum, is now available to the
revenue aulljoriiles. ■ : -

r Fiduciary^-, business^ _ which
involves funds banks : Vecfeiv'e
from abroad- and which 'are
deposited on the Euromarkets
in the bank’s name but at. the
customer’s own risk, have grown
rapidly in recent years.

In 1979 - -they stood at
SwFr 75bu. and a year later
were clqse, ro St^Fr 130bu
havi og overtaken the foreign
business done on the hanks’ own
account. By the ihird quarter
of 1981. fiduciary business
totalled SwFr 272.6ba.

The three tax- options come
up for full discussion by the
consultative committee of the
National Council in August.
Along with the stamp duty,
there are proposals for & 5 per

cent- - " withholding 'tax .- un-
fidiieiary account interest aod-a.
35 per cent 'withholding; ^ax on'
domestic • income' fropi both
fiduciary accounts, and: foreign ;
Swiss :(ranc. bond*: - — -

The Federal Finance Ministry
seems /to regard. t the . idea of
stamp duty with- some ‘favour; .
partly because, js^less onerous,
it could lessen 1 tije danger of
funds being moved; : out Of :
Switzerland. It would- also be
easier to - levy. - However, the
stamp doty might raise rather
less for the exchequer than
some form, of withholding tax:

It -remains to be. seen, whether
a tax writ finally be imposed on
' fiduciary . ' . accounts; : whose
volume is )h ar^.case- expected
to decline this-yeaf. The'variant
chosen by the COmmfssion in
August will still have to- be
approved by the National Coun-
cil itself — and by the States
Council,- which -last March
decided against taxing fiduciary
business. - , 5

• Reisebuero Kuoni, the Zurich-
based international . travel
agency, group raised' turnover
for. calendar 1981 by 6 per cent
to SwFr L03bn ($573mj.

Bank of Korea abolishes
domestic credit controls

BY ANN CHARTERS IN SEOUL

THE Bank of Korea (BOK)
abolished its . domestic- credit
control- policy -yesterday in an
apparent liberalisation move.
BOK. South Korea’s ; central
bank, had directly controlled
the amount- of domestic lending
by setting limits for each com-
mercial bank. *' "

Now it will control money
! supply through, for example.
Open market mechanisms, the
| rediscount rate and reserve re-
quirements. Local bank lending
limits will be determined by the
volume of funds which ran be
attracted as deposits.

1 This move alone may not-.iin-
prove liquidity for local busi-
ness much as Interest ra t es. are
strictly controlled, making : if
difficult for banks to attract
funds from limited local mar-
kets.

The BOK’s ability ; to Imple-
ment such a change depends on

the development of an- acik-e
money market and the liberali-
sation. of. interest rates.

.Nonetlteless, the announce-
ment takes Korea's 1 financial
system Pne step closer to more
market-oriented operation and
should result In commercial,
banks- competing more keenly
for 1 deposits' while operating
more autonomously.

The policy change comes days
after a major change in two
cabinet level economic minis-
ters, as well as the appointment
of a new Prime Minister, all of
whom . have had experience in
private business.

Although' modernisation of
the banking sector - has been,
widely discussed as essential to
the development -of financial in-
stitutions, , the; steps toward
freeing the banks from direct
Government control are being
taken very slowly.

Montedison
forecasts
gradual ?

recovery -

. . ; By. Janie* Buxton in Rome "

MONTEDISON, . the Italian
-chemical concern which appears
to have had a very bad year in
>981,- is expecting a gradual-
improvement in 1982.

:'senior executives of the
group made thhrdear at- a- Press
conference held against -the--
background of ' unfavourable
press -, and broker comment,
about ■ the ' company's L340f>a.
(5529m) ' rights issue, .which
was; launched last month.

Subscriptions io the issue, the ■
biggest in Italian history, dose
on January 18. The new. shares
cost L175 each,, the nominal
value of Montedison shares, but.
Ibe stock market price has been
In. the region of LI 60 since
shortly before the -issue was
■ launched.'

‘Tliis means that despite
inducements to shareholders in.
the form of the right, to buy
shares in a profitable
Montedison subsidiary and a
loan bn concesisionary terms tb;
purchasers of up to 50,000
shares, the issue is felt to be
unattractive. However, it is
securely underwritten by a con-
sortium of banks and financial
. institutions.

Yesterday, Sig Pasquale
Cardarelli. the finance director,
said that Montedison's net asset
value per share was about L480,
and more than Ll.000 per share
if unpublished reserves worth
Ll.uOUbn were taken Into
account.

io> the first half of 1981 the
Montedison parent company
incurred a loss of L296bn .and
the group L2B7bn because of
the poor stale of the chemical
market. Sig Cardarelli implied;
that the second half of 1981 hacT
burdly been better. Thus-
Montedison may be heading for
a loss on the scale of its recortL
deficit of 1977 when rtie parent-
company deficit was L509bn. .'

However, he pointed out that
Ihe rights issue, which takes
Montedison's capital tip to
L996bn, would provide addi-.

I ional funds and cut its debt
servicing costs, which, in 1980
accounted for 13.5 per cent of
turnover. The company would
benefit from the sales of plants
and shareholdings over the next
. two years. These would bring in
between L450bn and Ll.OOObn.
The new funds raised by the
capital increase would not be*
absorbed by the 1981 losses, he
said.

CdMMODn^ WEEK

Lead and zinc down

AMERICAN MARKETS

COCOA

London
2nd Position
Futures

BY OUR COMMOCHTIB STAFF

LEAD AND. ZINC' prices fell
again tins week in spite -of dews .
that the ' strike at Tariz -Manes ..
of the- Irish Republic, was con-,
tinuing. . • ; . • . . ■-•••'■■

Hopes that a workers’ -ballot-
would result in a return to
work at Tara's Navan mine re-
sulted in price declines' for 'the
two metals on Monday, but these
were partly recouped, on Tues-
day after it became known^tbat
■the wrirecs had- voted ip -con-
tinue the six-month-old stop-
page.' .

The depressed level of Indw-.
trial activity, particularly kt the
U.S^ encouraged rfenewed .fells,
however, and by last night’s
close cash lead 1 was quoted.
£38.50- down on the wehk at;
£325 a tonne and cash zinc £37
down at £425.50. Prices ’feiT.
sharply- yesterday /in respopse
to new. price, cuts by -North

American producers. In addition
there - Were . renewed rumours
that; a settlement - at Tara was
imminent. ‘ ;

Tara noriiuflly supplies around
10 per .. cent of ; European
smelters*' zinc concentrate re-
quireroeots but despite the loss
of 4fcas. source poor demand has
meant that concentrate supplies
.are stH . mbre (than . adequate.
Lead . smelters said -they ex-
pected -only. -minor problems to
.reSiAt directly Jrom a continued
Tara closure.. •;

Copper prices continued to
drift lower early in the week
eq.courage<f by- the low^r gold
price trend . and - a rise in
London Metal Exchange ware-
house stocks last week.
Depressed industrial activity
led to -fiixther falls and cash
copper -wirebars ended £28.25
Sown at £84&50 a tonne.

WEEKLY PRICE CHANCES

txtut \

. prfcM - ■! Ch*nga.

! p«r tom** . on ■ i

.j . ; Wiah

METAL* • ' ■-

Aluminium — — ..~—

FrM Mar lent*

Antimony — .-.-u —

Froe MarkatOO.ffg-.:.

CopparCasii Hlah
3 month* Do. Do.

Ca*h Cathodo*

■3 month* Do^

Gold par or— —

Laid Cuh I... — —

5 month*

Nlcka I—

Fraa Morftat c-Lf. IkK-M—

Platinum perez — .

Fran Market par M ..

«mcK*nvar(76!b%)-— -~—

Sllvor par —

3 month* par oz ^...

Tin caiti.. —

S months, —

Tunnften Ind. — rr

Wolfram 12 * M lb) —

Z7nc.casA~»«..— — —

3 months.

Produear*. — — — - —

GRAINS ■

Barley Future* —

Maize Franch.^M~~.——

WHEAT Future* ......

Hard Wlntsr Wheat
SPICES . ..

doves. —

Pepper, whit*-...-.

„ blacks.

°feooonut (PhUIppin**).-
Groundnut 3g
Linseed, Crude.— —
Palm Malayan;-..——-
SEEDS

Copra (Phlltopina*)~~.
_ Soyabean* .

OTHER COMMODtitES-..
Cocos Shi pm* nth. — ^
Cocoa Futures May ~.
Coffee Future* Mar—.

Cotton Index...

Dos Coconut ~~.

Gas Oil Fut. Feb

jute U A bw c pndej.

Rubber kilo —

Sago Pear — ^ —

SuaJ Wo.- I — —

Sugar (RawL-.-~

Tapioca Wo. 1

Tea {quality) M!o~^ —

(plalnj kite -

Woottopa, 64* Warp^..„

-£B10j81S) . — .
..JSIQOOi 1180^-28 -•

'l':S2450/Z5fiH+10

£B4B.s ;-aa.25

-£874.5 — 28.75

£344.5 I— as
£871 . -27.75,
..I - *400.5 ' 1+0.5 ' !

' £325 | — 38^ ■

J. £337.76 |-40 I
J £5737.75! —

J . SSOfBMci— 2.5
£360 - J —

£198.30 1-1.15 1
J ■S415/4ao;+B'.5

J. 428JKJP l*6ja

„j ,444J0p 1+5.0
i £8,385 ^+50

j, £7,965- - +5 •

..I «I27^8 [—7.05
,v 51231128 +3
j£425JS -3 T

J ,£437J5 • -35.15
5950 -

[ sxisxfit&axiQm&i&isono
S1460/49n,flW»/.UZD{*lDlS 045

1 S3176«26''SJM*j52*ojse44W640
£791.0 _ : l£l,D23.5 . £755
£813J5 '£1,05X75 £777.5
£771 ‘ £1,035 I £748^

£793.5 • £1,046 £765^

*577.5 1*601 . *390

£307.3. ..,£502 £273.75

£319-35 >£499.5. ■ £285.25
£3,226 J7£4£ifl.M£2.915 "

- SOO/SOSc 295r3-10c l 225f275c
£236.46 1 £260 . j£202 -
£202 ! - £250.90 )£1 85,60

8355/365 1*428)438; *355/365
650.45o J673JK)0. f 412,BOp
672.95pl695.70p ) 427.00 p
£6^00 £8,576 - ^£5,700.

£6.407.5 l£B, 657.6 £5,865.8
*140.56 '*149.08 *127.40
*145a4WJ15iaSStS1207l25
£333 ' K653.5- t*306.B

£345.5 ,£566. B l£318.26
*023.' 51000 ) *«23

^ £108.20 +0.85
2133.50 +.1 '

j £123.00 +0.80

| , t —

£5,53 5y -
*2,000/
-J*l,450y

£9830

119.75

£105 £5

j£ 10ft JO £94.40
j£153 JO- £119,75

£121.10 £99.10
£124 ■ £108.0

£6 £00' £3,800'
*2.-150 11,850

fl;650 ; *1^25

|640 ' ; [ *620

rrr-j

,£1,191,5 +34
£1.131 .. -+1*
. 69.45c +U
£540 —

*31015 —4.7

£267y ~-

49.75p +02

assi . ! —

. ; £160y . [-7
£225y. —

in* • -
aop ' -

) £948
£893.5 .
•£1029.6
100.75c
£650
£221

57.5p

£199

*780

£296

£209

I2ip

59p

296p kilo

£1,416 [ £860
£1,315 I. £789.5
El, 187. 5 L £733.5
101.15c f B7^20c
£680 | £610
*329. I. *268
£267 / £219
-■ -66.2Spl 4«p
£252 . £197

*780 * 640

£315 £146

£235 I £207

!50P !

87p B9p
400 p kHo'294p id)

wo e ^^w^r^:i s787ki»o :-b i »»p ** w - io ^ h.c

t Unquoted, (al Madagascar*. . fy) JanyTch. . (v) Fab. {z)-Ma«b. -Noimnai.
... .J.jQhana coaoa.

I A 3 O -N O J I

t _ _ iagi ^ J

The tin price held fairly
steady, thanks to continued
support buying by the influen-
tial trader who. has been
dominating the market of late.
Cash metal gained £50 to £8,385
a tonne and maintained a sub-
stantial backwardation over the
three, months price at £7,965 a
tonne. - *

Meanwhile the Kuala Lumpur
Stock Exchange announced it
was mounting a probe into the
relationship between the state-
run Malaysia Mining Corpora-
tion and. Maminco, the company
rumoured to be behind the
support buying.

Speculative buying in con-
tinued response to Ghana’s New
Year's- Eve coup pushed the
May cocoa futures price on the
London market tip to £L207 a
tonne at one stage and though
prices fell back subsequently
the May quotation still ended
the week £34.00 up at £1.191.50
a tonne.

The new regime - in Ghana
has promised to give high
priority to evacuating the cocoa
stranded inland. If it succeeds
in this aim it will remove one
of the few “ bullish ” factors
in an oversupplied -market

The market Was encouraged
meanwhile by fi&ther purchases
by the International Cocoa
Organisation buffer stock which
took, the total to over 68,000
tonnes.

Other soft (non-metal) com-
modity markets' moved very
narrowly. Coffee traded m s
range of only a few pounds be-
fore finishing £12.50 down at
£1,131 a tonne in the March
futures position. Sugar prices
fen with May futures ending
£4.30 down at £171,225 a tonne.
Influential sugar statistician
F. 0. Licht confirmed this week
that he had raised his 1981/82
world sugar output estimate to
a record 96.796m totmes, up
from ’87.196m in 1980/81.
Natural rubber prices ended
only marginally higher despite
further sup pert buying by the
International Rubber Organisa-
tion (INRO). The spot price on
the London physical market
ended G-25p higher at 49.75p a
kilo.

Figures : published by Lon-
don’s International Commodities
Clearing House this week show
that total trading in 1981 fell to
3.78m lots valued at £38bp,
from • 4.43m. worth £59bn in
1980.

MARKET REPORTS

BASE METALS

LEAD AND ZINC PRICES (ell sharply
on the London Metal Exchange'. The
former dropped to E337. following sire-
able U.S. Commission House sailing,
before Closing at £341. while ZINC
fell away to E438 prior to a dose ol
£434.5 on rumours of sn imminent
settlement of xha labour disp ute at
Tara Minas in Ireland. COPPER rallied
strongly on U.S. interest, coupled with
Eaat European p hysic al demand; three
..months closed £878. alter £877. TIN
responded lo buying of cash metal with
three months closing at £7,980.’
ALUMINIUM was finally £5296 and
NICKS- £2.964.5.

i e-m. i+ on pTm^ +"br
COPPER j Official l — -Unofficial —

" ! * ; l ”« i i pr

HighGr da 1 J

Cash « 841..5 ,+4J5[ 848-9 +11 .

3 rntha < B67.5-7 1+8 874-5 +S.2E

Setilem’t 841.3 +4.5 I —

Cathode*.-

Cash >37.5.8 f+4.W 84« +11.5

3 month* , 863.6^ >+l j ; 870-2 +11

Settlem’t ' 838 • —

S. Prod ! — - r _.... '77-85 i

Amalgamated Metal Trading reported
that in i* morning cash wirebars traded
at £841. three months £884. 65. 68, 67.
66.50. Cathodes, cash £837,50, three
months £864. 63,50, 64. Kerb: Higher
Grade, three months £867, 68. After-
noon: Higher Grade, three months
£871. 71.50, 72. 71. 74, 73. 74. 75. 74 SO.
Kerb: Higher Grade, three months £874.
75, 76, 77, .76.50, 78. Turnover: 26.100
tonnes.

T" I iTm. +”oii p.m. ;+ or
LEAP j Official — Unofficial} -

■ ; 109.M. March . 113.00-112.55. May

NICKEL i iLin J-or pm -For 116.60-118.15. July 1l9.50.l19.l5.-S.pt

Otficfal 1 - UnorficW^ 107.25-107.00. Nov 110.90 only. Sales:

!-- - : 151 lots ul 100 tonnes. Barley: Jan

■’ I I 105.20-105.00. March 108 20-107.75, May

Spot '2890 5 +27.5' 2895-906 +17.5 111 .55-111 .30. Sept 102.75-102.60. Nov

3 monthaj 2950-5 [+16 ; 2960-4 +9.8 106.60-106 50. Sales: 214 lots of 100

SILVER

t , tonnes. • , r

. _ , — ‘ LONDON GRAINS— Wheat: U.S. Dark

t On previous unofficial close. Nonhern Spnng No 2 U per cent Jan

•Cents per pound. *M* par kUo. j T 5.75. Feb 117. Mar lift. .25 .rranshrp-
NickeWMorning: Cash £2895. three mertt East Coast soHert. English Food
months £2950. 55, 50. Kerb: three lob Jan 112.50 East Coast sellers,
months £2955. 296S. Afternoon: throe Maize: French First h*« . Jan 133.50
months £2960. ^55. " 60. 'Kerb: Aifae transhipment East Coast sellers,
months £2965. Turnover: 342 tonnes. : S. African Yellow Mar 76.50 quoted.
t ___ Barley: English Feed lot. Jan 110.50

yKJ? • ' ' East Coast paid. Rest unquoted-.

• • . HGCA — Locational ex 4 arm • spot

was fi*ed 5.2p an. ounce higher pricM . other milling wheat: E. Mids
; delivery in' the London bullion m.00. • Feed bailey: Eastern 105.50,
yesterday af 429p. U.S. cent g. Mids 103.50. N. East 104.80. ;Seoi-
nis of the fixing levels were: j an <| 103.00. The UK Monetary Co-
le. up 1T:Sc: three-moeth 848.1c. efficient for the week beginning
c:' srx-month '880.4c, up 11.2c: Monday December 11 wiH remain un-
month 940.8c, up 11.6c. The changed.
rpened at .427.-431 p 1825 -830c)

Md 431-43SP (829-^,. _ . Qfig QlL FUTURES

a I Bunion U-on Lor i*ler»Tr/wl supplies ol product on Ihe

MM -\ oJr? 1 — ««»« mark*: kept future* and physical

price UnofflcT r prices down despile the cold weather

L-T across most ol Europe, reports Premier

.. j429.00p 'r+6.5 437.00p [ +9.25 -Men. _ • J

is .‘444.20 o 1+5.# 452, 25 p |+U M«n»h [Yestordy* + or ; Business

is.-481.20p >4.# - , Monlh : close 1 — Dofte

3 months J444.20 b i+5.# 452,25p |+1.7 [Yestordy* 4. or ftuslnes*

• months.-481.20p r +4.S I — , — .. Month close — Doht

lfmonthj493J»0p !*4.* : _ — I-.... : ! ; —

LME— Turnover 67 -(120) - lots of -. 'pe? to'nne!

70.000 ounces. Morning: cash 430.0; January-... 386.50 -1J5SZ7.56-M.5#
three months 445.5 Kerb: three months February J 318.50 i-4.5# 322.00- 18.00
445.0. Afternoon: three months 449.0, March. .- 310.00 • -3.75513.75-10.00

49.5, 50.0. 51.0. 51.5. 53.0. 52.5. Kerb: April....'.'-".: 302.50 i—*J» MSD-BkBB

three 'months 452 fi, S2.a S3.0. 52.0, May j 300.00 -4.5D504.BO-OO.QD

51.5. June...,). 301.00 --3.75 affl.Ofl 61.00

Silver was fixed S.2p an. ounce higher
for spot delivery in' the London bullion
market yesterday at - 429p. U.S. : cent
equivalenn of the fixing levela were:
spot 822c. up IT^ftc: thrae-moBth 848.1c.
up' 11.4c:' srx-month '880.4c, up 11.2c:
and 12-month 940.8c, up 11.6c. ' The
meiai opened at 427-431 p ! 825 -830c)
and closed 431 -435 p (829 -834c).

SILVER J Bullion (4- orj L.M.E. [4- or
per | Tlxlnt — j pjn. 1 —
troy oz. | price i UnofflcT ‘

COCOA

-F-u twre s - in Ktatiy -steadied- on- feats of

-r-u lure s -mitietiy -steed ted- otv feats ot r- -■

J ban on Ivory Coast exports but gams Tunl
were erased by commission house tonnes
profit-taking and' book-squaring.

Actuals business remained quiet end ■ DT
the buffer stock msnager purchased a * vv
funhar 1,060 lonnei ol Bahia cocoa. The
reports Gill and Duffus. unchsr

April : 302.50 S0bMB5.DB

May I 300.00 '-4^DSfl«J»-0B.I»

June. 301.00 - -3.75 261.66-01.00

July 301.00 '--4.00 501.00 61.00

August • 300.00 ‘-280. —

Sept. 1 300.00 -280' -

. . NEW YORK. January 8:

HEATING OIL could not- keep early
gam* as the trade was selling aganisl
heavy inventories of distillate slacks.
Tlia lives tuck complex ra (fieri sharply
in response to a good trade demand
for live cattle end hogs. Coffee was.,
under pressure activated by commis-
sion house liquidation. Precious met j Is
ran m[o late lusses- triggered by a
weakness in . major . currencies,
reported Hdingld. • ■

Copper— Jan 72.50 (72.05). Feb 73.10
(72.70). March 73.70-74.20. May 75.60-
75.75. July 77.40. Sept 79.10. Deu 81.60,
Jan . 82.40. March. 84 05,. Me y .85.70,
July 87.35, Sepi 89.00. .

Potatoes, (round whites)— Fab 70.0-
70.7 171:2).; March 73.0-73.3 (74.0);
April 78.5-78.7, Nov 76.4-77.0. Salas:
346.

9Sitv*i<— Jan 819.0 (828.6). Feb 825.3 '
(835.3). March 830.0-835.0. May 850.0-
-853.0, July 875.0:878.0. -Sept 892 5.
Dec 922.2. Jan 932.1. March 952.0.'
May -971.9, July 991 8. Sept 1010.7.
Handy and Herman bullion spot: 832.00
(823.00). ' •

Sugar — No. 11: 1 March 13.06-13.07
(13.96.). May 13. 17-13.20 (13.23). July
13.32. SepM 3 .51-13.52. Oct 13.70-13.72,
Jan 13.-70=14.00. March 14.35. May
14.45-14.50.

■ Tin— 695.00-73fl.0p (693.00-725.00).

CHICAGO. Jan. 7.
Lard— Chicago loose 18 50 (same).
Live .Cattle— Feb 59.40-59.50 (58.62).
April 57 ftO -57.97 (57.12). June 58.20-
58.35, Aug 57.05-57.15, Oct 55.95. Dec
57.25:

Live Hog*— Feb 45 55-45 65 (44 85),
Aeril 44.70-44.50 (44.30). June 47.65-
47.80. July 48.60-48.50, Aug 47.55-47.40,
Oct 45.70, Dec 46.80. Feb 47.60.
•♦♦Matte — March 274V 275 (276*4).

May 2844-2841. (2864). July 2894-2894.
Sept 2904. Dec 294V2944. Mareh 306.

Pork Bellies— Feb tfl .55-61 .70 (61.17).
March 62.20-62.30 (61.90). May 63.30-
63.20. July 64.60-64.75, Aug 64.20.

tSoyaboan* — Jan S28V629 (6304)'.
Mareh 6384-6374 (6404). May 650-649.
July 660-6604, Aug 662. SepT 861. . Nqv
664-6C4 1 -. Jan 679, March 6944.

IjSoymbean Meal — Jan 188.8-189.0
(188.81, March 189.0198 2 (189.5), May
190.6-190.7. July 192.3-192.8. August
193.2-193.5, Sept 193.2. Oct 192.0, Dec
196 5-195.5.

Soyabean Oil — Jan 19.03-19.02
(19.-1.4), March 19.50-19.49 (19.63). May
2b.11.-20.l2, July 20.74, Auguai 20.95.
Sept 21 10.21.15. Oct 2130. Dec 21.60.
Jan 21.85.

...♦Wheat-March 401V4024 (4004),

May 4094-41 0 1 . (409*4). July 4114-412*,.

■ Sept 423*r423>4. Dec 440, March 453.

WINNIPEG. Jan 8
SBirley — March' 130.00-130.10
(126.30). May 132.70-132 90 (131.20).
July 133 80, Oct 136.00. Dec. 134.60.

: 5Whe*t-r-SCWRS 13.5 per cent pro-
tein content cif St Lawrence 238,54
(238.84).

.‘Platinum— Jan 388.5 (368.5), April
372.0-3744 (373.0). July 383.0, Oct
395.0, Jan 413.5.

•Gold— Jan 395.0 (399 4), Feb 397.0-
398.0 (402.0), March 401.1. April 403.8-
-'406.0. June 413.8. Aug 423.1. Oct 432.5,
Dec 442.0, Feb 451.7. April 481.8. June
471.6. Aug 481.6, Oct 491.7.

All cents per pound ex-warehouse
unless otherwise stated. • S per troy
ounce. 1 Cents per troy ounce.
ti Cents per 56-Jb bushel. t Cents,
per BO-lb bushel. U 8 par short tdh
(2.000 lb). S SCan. par metric ton.
51 5. per 1.000 sq ft. 4 Cents per
dozen, it S per metric ton.

Turnover . 1,200 (1,'771) lot* al 100

RUBBER

r.-^. Thursday’s .closing., .prices.. -

_ LjY'esftaa^A. + ar I Busin esi
iA 1 Close I — 1 Done-

Load — Morning: three months £348,
47.50. 48. 49. 48.50, 49. Kerb: three
months £348. '49. 48. Afternoon: three
months £348. 47. 46, 45. 46. '47. 48.
47. 46, 45. 44. 43. 42.50, 42. 41. 40.'

39, 38. 37, 38. Kerb: three- months £338.

40. 39. 39.50, 40. Turnover 19,175
tonnes.

[ M-m. + or p.m. i+“o
TIN I Official , — Unorflcl*l| —

The London physicei market opened
unchanged, attracted little interest
throughout the day and closed idle.
Lewis and Pear recorded -a- Febnmry fob
pnee for No 1 RS In Kuala Lumpur of

Mareh ..^r

1193-84

1 1

’—0.5 i

1210-191

— ( 313.1
..(179.5).

Mav_ |

1191-92

—3.0 !

1206 189

July !

120002

"-3.5 ;

1213 02

' 1210 12

;-3.o ;

1222-10

No. 1- i

Doc ;J

1226 27

rk I

1233-25 -

R.S.S. |

May™.---..;

1235-47

■-S.0 1

Feb. i

High Grade ' £ ■ £ £

Cash 8340-50+44.6 8580-90

3 months '7915-20 + 10 7960-70

Settlem’t) 6350- +48 • . -
standard' ' '!

Cash ...... 8340-50+44.6' 8380-9Q

3 months | 7915-20^10 ,7960-70
Settltm't 1 8360 +45 -

Straits E. . :*34.90 +8.10 — 1

New York- —

Tin-=-Mornirtg: Stand ard, cash £8330.
50, three months £7920, 30, 25, 20. 05.
01, 7900. 10. 15. Kerb: Standard, three
months £7920, 30, 40. Afternoon:
Standard: cash £8390, 80, three months
£7940. 50. 80, 70. Kerb; Stenderd, three
months £7970. 60, 50. Turnover: 2.095
tonnes.

1 a.m. : +orj p.m: '+^0
ZINC j Official ’ - 1 Unofficial | —

; £ ,~lTi £ 1 £

Cash 428-9 -8.751 425-6 1 — 1 1

3 months] 440^.5 -10J 437^ t — 11
S‘ment.,.1 439 '-8.6 1 - ...

Prim w't* — ! — 1 *42-75

Zinc— Morning; Cash £429, 2830.
three months £445, 44, 43, 42. 43. 42.50,

42. 41. 40. 41. 40.50. Kerb: three months
£5440. 39, 38, 40. Afternoon; Three
months £441. 40. 40.50. 38,50, 38, 37.50.
Kerb: three .months £439. 40, 41, *2.

43, 44. -Turnover 16,825 tonnes. " '*

AlumJiun] . *jn. '4- or] p.m. |+ or
Official ! — -rUnofflclai| —

astes: 1,W tots or , 60.*0-51^0; 51.9*51. 40' 51.88 5*.7fl

725; : ^ „ x/v, di Apf-Jhe.i 52.fle-55.C0 52.S9-S3.C0. 62.80-52.7*

ICCO— Oa Jy price. fob.Jan.7: 1C0.65 ^Hy^opt 56.0*68.20' 56.IB M.28. 56. 10-55.30

(100.40). Indicator pnee lor Jan 8: Oct-Dec 5S.2C&9.M 58,60-69.41)] 59 J5-53.JD

99.63 (93.47). U.S. cents per pound. or 82.4D 82.59 ; E2.4C BS-5D 62.40.69J1)

+62:5 nAmir - • - -Apl-Jne,j 85.26-65. «t] B5AD-85.U: 65^0 . ..

COFFEE Jly-Bepti BB.M-6S.40! 6B.4D-fiB.UI, 6SJ0

T", ■ . . • Oct Dec! 71,50:71.40; 7 1^8-7 l.6il! -7 1,U . . .

A. fate replacement in the C market -- - ~ - ■ -

provided Tor a marginally Tower open- Sales: 23 (126)' lots' of 15 tonnes,
ing, ffporWDrfxwnbTnliyiir LSrlfbeiT; ~34 (s'ama)"~igta''of 5 tonnes-' 1
Continued pressure trgm (fade selling Physical closing price* (buyers)
triggered atop loss order* Before • were e'pot 49.7tip. (49.50p): Fab 51:7Sp

commission. Jtquse buying, prevented (^antt) ; M+rcp -5L50p (51^5p). ..

further losses. " .

NEW YORK, January 7.
ttCo aoe - M ar 2146 ( 2145), May 2140
(2142). July 21S. Sept 2180, Dec 2196,
Mar 2226 Sales: 1.500.

Coffee — "C" Contract: Mar 139.50-
1 39.7S (142.06). May 1337S-133 90

(135.84),* . Sept 128.30 138.50. Dec

124.00- 126-00/ Mai 123,00-125-00. .May.

122.00- 126.00. Sales: 2.090.

Cotfon— No. 2i " Mar 85.85-65.95

(66.77). May 87.50-67.60.(67.37). Jply

INDICES

FINANCIAL TIMES

Jan. 7| Jan. 6 j Month agoYear ago
249.36' 248.81! 244.98 j 362.99
. July, 1, 1952—100). _ _ . .

r moody'ST "

Jan. 5 JanTfi 'Month asoYtar ago
998;6J, 992.7 ;.97ftlTjie25.6~

(December ftl;' T931-100) ■

69.20-89.30. Oct 71 .00-71.30. Dec 72.20-
72.30 Mbt 73.45-73.50. May 74.45-
74.75! Salea: 6.400.

Orange Juice— Jan 1 16. 50- MS. 60 J.

Mar -121:80-122 .40 (123.15). May 123.50-
124.20. July 126.20r1 26.30. Sept 127.70.
Nov 128.30-128.60. Solas: 1.300. ' '
CHICAGO. Jan 7.

' Chicago Imm Gold — Mar 406.3-408.0
(405.8). June 418.7 (419.9), Sapi 433.2,
Dec 447.7. Mar 462.7. June 477.9. Sept
493.3. ■ .

DOW JONES

Dow : Jan, j Jan. I Month " Year
Jonec \ 7 | 6 1 ago 1 ago

Spot- 127,19 126.74 -360.86 446.5 1
Fut.rs 13.5.06;! 35.56 365.38468^8

(New base: Dec 37, 59~74=JI») •

" " lYaeterday’sr . ; SOYABEAN MEAL

( [4*_ or The market.. opened unchanged find

[fi oer tonne moved slightly higher on commission

— , — , - --- house buying, reports T.. G. Roddtck.

in.. 11*5-50 18.0 1158-23 Prices moved further ahead on late

Jurch 1 1130 32 .--13.51140-26 trad e buying.

ay i 1116-18 -14,01126-15 . . : —

liy 1111.14 I— 15.0' 1127-09 . Yefltarcfya' + ar, fttisinat*

apt... _i 1106-10 — 11.5'lllft-OB Cluaa 1 - Ddfie

l£ per tonne: I

Jxn 1125 30 ‘-16.0113^23

March i 1130 32 .--13.51140-26

May j 1116-18 -14,01126-15

July • 1111.14 -13.0'lia 7 ; 09

Sept 1106-10 — ll.S'lllB-OB

Nov ] 1105-10 -9.0 |1105

January.....!

1— 15.0( -

£ i

par tonne;

Seles: 2.660 (4,311) lota of 5 tonnes, pabniery^. -129,70-60.0 +1.60, 130.00-59.00

ICO indicator prices far January 7 April. UUtt-S1.b -t-l.lh 131.55-30.01)

(U.S. cents per pound): 'Comp, daily June IS0.7D Sl,0 +2.D0 130.98 •

124.89 (125.691 ; IS-day average 123.71 - Auguat B1.0W2.S +Q.7S' -

(123.84). October...^ 181,10.33,5 +0.W, —

; ■ ■ Dec.„;;. *151.50-68.0 +o.»! —

p«b ..^.fto.is.o+ijo- --

(123.84), October... J 181.10.85,5 +0.M, —

; ■ Dec...;. 151.50-56.0 +o.a| — ’

'GRAINS' Fab -: + lM -

The martet opened Wgtmr. OW crop ;. S *^ ; * ^ * oa ol ,0 ° -

barley remained vary firm due to
ohtpper-buymg— 8o*h. wheat- and. bar*
ley saw commarctal chart covering.
AcH rtpan*.' . •*

WOOL FUTURES

| « * I e I £

Spot. 1 672.5-3.5 14.75 675-8 f +2J

3 month!' 697.58 j-45 | 589-.fi j+U

Alumin'ium— Morning: three month*
£598, 97. 87.50. Kerb: three months £598,
90.50. gg. 38.50. Afternoon: Three'
months 1397, 96. ». 38.50, S9. Kerb:
three month* £599. 000. Turnover: 10,350
tonnes.

... ' - - • U»1D0N .NEW ZEALAND' CflOSS-

tyiT f BARLEY BREQ& — Close (in order: buyer,: a ■ tier,

1 , _ >• , bwSinasa). New ZaMsnd cents per kg,

lYftttterdtt-.-fcor ^eatenrya.+ or -Jw, 3M, 370. 386* ■ Mar 271. 373; 373-

ifth; close I — j Close ; — 372; Miy 37e 2SL 378-377; Aug 391.

: -382. 393-391;. Oct 392. 394. 393: Dec

. 4M la ^ , a eJ wear nn - . Q K'' 400, 401; 4GQ; Ju 402. 406 r *403* Mar

arZ'.; llSilO Voififi! 1O8J0 J+oiK JU' -^SieJ^iS* **** 42J ‘ <22 '

S;:' lll » to£ al - 5B + - M • SYDNEY .GREASY .WOOL— Close (in
i*.. 1 107.40 +OftOj 102.86 i+0.4fl order: buyer. seller. binwnMx).

w .i 111,20 +0.»' 106 75 +0.4* Austral tan cents per kg. Mar 495.0.

~ L . ^ ■ ‘ 497.0, 49B.5-498.S; May 504.0. 505.0.

Susinas* dons— Wheat: - Jan 109.65- 505.0: July 314 JO. 57S.O. 5J5A Get

Jan_.i 109.88 ,+0.60, 206,20
M*r_.r H5JJ0 -+.0 JB£1 108^0
May..! 116.60 ;+0.BUi 111.86
Jaly..; 119.55- +OA5I -
sep^- 107.40 +OftOj 102.86
N0V...I 111.20 +0.»; 106.75

Sr2.0, 512.5, uotreded: Dec .515.0

616.0, 5)6.0: Mar 524.0. 528.0, ungraded;
May 528 0, 5a0.0, unttaded; July 529.0.

535.0, 530.0. Seles: 46.

SUGAR

LONDON DAILY PRICE— Raw sugar
£16000 (£161.00) a tonne cif Jan-Feb
shipment. White sugar daily pnee
£187.00 (same).

Early trading was quiet.- Stranger
Npw York quotations encouraged Lon-
don to lihteh-' at' tit* highs, reports C.
Czarmkow. . .

No. 4 Ywterday Provlou* ) ftualnas*
Goa- . cion f dsn*

tract 1 « _ j-

Cjisr.tdnn#' — •

tt*rsh^tffl^ra,76m4B-EB£in71.M-6U0
May.._,U8JelL78J6 17JJD-7U5 )73.40,7).»
AUSM...^7«:5tt-«r?il?5.l)0-7b.26 177JH-74J8
OcL.. ...llBI.26-IO.7S’ 17875-76.80 1 60.25-78.76
Jan,:.. .jlM^O-ll.76'1 f S.DB- BA. OS
Nfttrc.t.-tti^e-at.WHMAO-flSJffi 1BC.M
May..^ IM.W Btt.0fl.l85J(> 87.M _

Sela*: '2,540"(3.608; Ions of 50 tonnes.

Tate and Lyle deifvety price lor
$raAulaied basis white sugar was
,£374.00 (same) a tonne fob lor homo
trade and £269.50 (£270 50) for export-

International Sugar Agreement (U.S.
centa per pound; ’fob and stowed

^ REUTERS_

JahT 8 f Jan. 7 ■ M’rth agoYeaTago

1604.7 ■ 1603.6 • 1698.0 1727,5

~ (Base; September 18, ' 1931-100) ~

CAnbbeap ports. Price* lor Jan 7:
Daily price 12.70 (12.44); 15-day

average 13.07 (13.08).

COTTON

LIVERPOOL — Spot and shipment sales
amounted to 301 tonne*. Further
pressure lot supplies was noted,
despite the detenomtion in iha weather,
and forward bookings in Middle
Ejstern and African qualities were well
sustained.

MEAT/VEGETABLES

MEAT . COMMISSION— Average Fu- *
stock prices at representative markets.
GB— Cottle 1D1.4fip per kg Iw (+0.13).
UK — Sheep l95.44p per kg est d C w
i +7.87;.- GB— ftgs- -77.-51p- per kg Jw
(-4.08).

■ MEAT COMMISSION— Average Fu.
stock' p/'Cea Jt representative markets.

GB — Cstlle 102.1 Sp per kg Iw (+O.GO).
UK— Sheep 191 .5f> per kg est dew
(+3.5). GB — Pig* 80.)4p per *g Kv
(-3,40). ^

GRIMSBY FISH— Supply poor,
demand good. Prices et *hip’a side
(unprocessed) per atone; Shelf cod
£5.00- £7.30. codlings C4 CO-S.30. Lara* .
haddock E4.40-fA.80. Rockfish £3.20- t
3.40. Reds £1.80- £2-40. Sauhe £3.60,
£330. T

i

18

BANKS, DISCOUNT (707)

Alexanders Discount f£l i ZZE 8 3D S 7
Allied Irish Banks lr£0.25) ILi.12 l£1 K
92. lOncCnvl/fiS Stk 108 <3n
Ansbachcr tHenrv) Hidgs. (So) 14’» 5 '«
Australia and Mew Zeal Bank •Ml) 32 8
30 3

Bank Leu mi Le-tsrael BM (5h0.1i 4'i »4 1)
Bank Of Ireland tlr£1) l£3.02 F£302 245
8 SO

Bank of Montreal (C$2) 10<< t&rti
Bank ot New South Wales ASH 175 7 0
Bank ol Scotland i£1» S10 12 3 4 5 7 8
37 20 3 5 77 3Gi
Barclays Bank i£1 1 MO 2 3 3 7 8 52
Brown Shipley Hides. iSU 223-
Cinadian Imperial Bank ol Commerce

Allied Plant Croup (top) 11 i; 2 n

entlaT H0DJ .2*

■ 61)
4i;pc

Aihed Residen'

Allied Smelica 6ocLn 61
Allied £u option (Hidgs)

Aluoci TertW Companies If#

sssBPisaii&'S’

Amalgamated MataKWIJ SS7 W1

Pt (£D

Amber Day Hldss (20n>

Amber Indus HWW IIOpJ 34 iS-'l l
American MMleaMninl Jnc (Si)

Amefican'MediMr Ini ni i n c (Si) -

Amstrad Consumer Electronics 188 SO 3

tOS is

itC2; iiti i. <4/tr

ater Allen Hidgs. <5ii 268 60

harterhouSe Grp. 74 _

a aoo

Clive Discount Hidgs. i20p> li S i u 7t

Commeratunk AG Cdbr. « lu. Warburgi
(DM1 m 6.05 (411)

Cempagnle Fin De Pans Da Pays-B (Br.i
'Cpn. 176i iFrlOO) 18.7
Deutsche Bank AC (Cpn. 371 tDMSOl

SMG-'i £60 (Gi' 1 )

Gen-art and National 243 5 7 8 501 50

Glllett Bros. Discount Co. (£1) IBB 5t
B 05

Grind lays Hidgs. 203 5
Guinness Peat Grp. 81 90 3 4 -S 8. 6
5?

Hambros isOn Pd.) (£Z) 18 (G.U. (5p)
152 3 £

HIM 5smnl Grp. 162 . , _

Hong Kong and Shanghai Bkg. Grp.

(4HK2.S0) 1271] 8 9t 9 30 >4 1 27
Jesiel. Toynbee 58 60
King and Shaxson fZOpf 78 8f
Klein wort Benson. Lonsdale 227 iSII*
Lloyds Bank (£11 422 3 5 7 30 .. 7i]PCLn.
£114>] 5

Mercury Securities 205 7

Midland Bank (£1) 138 40 2 3 3 6 7.

7 -pcLn. 67i*

Minster Assets 79 1 ; S':

National Bank of Australasia CAS11 167
National Westminster Bank (£11 400 2 3

Ottoman 1 £mV (Br.) (£20 with £10 Pd.>

Ren Bros. 100 86/1 ). New 97. New (Nil
Pd } 7 8 (G/1 i

Royal Bank at Canada (CSii ilii* H (5/1)
Royal Bank of SCOHand Gro. 192 3 4 i;.
5: 61 6 7J 7 a: 8 91 9 20Oi ZOO
u 2 : 3:

Schroder* t£D 41 S* 8
Seccombe. Marshall and Campion (£1>
Z03>il 4iji ID

Smith. St Aubvn tHIdos.) 34 5 '61 6 71 7
81 8 40 IS 1 21 2 !*: 31 3 >:1 4 5 50
Standard Chartered Bank '£li 658 60 j
3 4 5 I

Toronto-Dom.nlon Bank rCSli 13m >5 ; li ,
Union Discount Co. of London l£1) 385
B 90 5 8 400 5 10 1

WiittTIISt (200) 121 3 <6'1i

A«SorChnnical 0 &J»e 2 74

ja^fcasffiLSVv *

ttflZr Computer^ TOChnloues < Hldas.)
(ICpi 152 * 4 5 6 7

IS'- 15,1 )

ArsyllFoods (1% 88 90 1 2

Arm Electrical 20

Arlington Motor 67

Arm. [age Shanks Group 63 <6'1i

Armstrong Equipment HOP* 30

Arrow Chemicals 39

Ash and Lacy 252 4

Ashley Industnal Tras* 51

Asprwv and Co. (£1) 50®

aKmcSbim nijaB is’ii „ n _

Associated Book Publishers '20p> 303
Associated British Engln. (12 , iS|i 27 8
Associated British Foods (So) UO 1 27
Assoc. Common lea tram Corn A 49 50. *

A.w iaterf Dairies 128 9 30 1 21 .2 31
Assoc. Electrical Industries 86 U **
Associated Fisheries 71 's 21 2 35 *

Associated Leisure i5o) 77 8 9 ': aO 1
Associated Newspapers 177 8 9. SO 3.
Associated Paper lodusfngs 44(:.

Ateik a^rtLeryl'ss ^ 31 / 12 )* '

Audio Fidelity MOP. 11 .Oil 1
Audiotronlc Hidgs. non) S': 6
Ault and Wihorg Grow 26 8 9
Aurora Hidgs. 14 6. B-Z5peCnv. 31
Austin iE.J and Soiw 28 „

Austin (James) Steel Hidgs. « '»•«'
Automated Swurtty fWldW-J |10B» 173 5
&. six Cn*. 141 3
Aurcmotlwt Products 50 3

Bowthorpe Hidgs. <10pl 187 8 9
Bra&y Leslie now 46 7:

Brady Industs. _A 37
Bra ham -Millar Gp. tl Bp) 23
Braid GP- (50) 35 7
BraithwalH Engineers (£1) 103 *

B rammer (HJ (2DP1 126 iB;1)

Bra non i£I) 387 %1 (G1M2)

Brasway rtOo) 88 91

Breedsn Cloud Hill Um« works 453

Bremner ST 41 (6)1)

Brengreen iffldm.) ( 10 o» 43is i '!. 6 * 6
Br««t Chemicals Intnl. MOpi 124
. Brent Walker (So) S4 Si»

| Brent's Stamping 60 cPf (flJ 30
BrkkhodM Dudley MOB) 37
Briogend Processes tap) 3*2 4

Briwon-Gundry (Kings) <20pr 24 5 s

Bristol "die lifts’ Part 200 5 u . , .
British Aerospata (50p) 198 9 209 1 2 «
Brilish Aluminium Co (£Bp) 57 m 9 so

ISIS STtSSTSSnSf™ t*

! 3 i!S teSfaftnr a >. 9 20 , l.

British Seeam Specialities Group

British ft«ar Cm® (50rt 365 78
British STPhon Induttries (20o> W
DaKieh Tar Products (10M 36 7

(200)

Avails Group i5p) 257.8_60
Avon Rubber (£1

r.™.. .-■) 106* 7

Ayrshire Metal Prods. 30 fB-’D

7 8

BREWERIES (387)

Allied- Lyons B 6 <: 9 '* 70 U i;
Amalgamated Distilled Prod nets (1 Op) SB
9 (6 1). gpcUm.t.n. 138
Bass 196 7 a •> 9 200 1 2 3
Bass litreKmems SucUra.Ln. S3>; fS H
Belhaven Brewery PLC 21 3 'i 5
Bell rA.i iSOoJ 144 s 6 8 . 9';neLn.
£17rr : «

Boddlngtons Breweries 1 SG
Border Breweries (Wrexham i PLC 82 ’ 4,11
Brown (Matthew) PLC 153. New tS5
Buckley’s Brewery 43
Bulmer (H.P.) Hidgs. PLC 290
Buttonwood Brewery (Fores haws) 382
Clark (Matth can Sons (Hldgs.i 14Z 4
Courage 3-i.pcDh 80 2 (S)1>

Davenports’ Brewery I Hidgs.) 1f«
Devenlslt (J. A.I 285®

Distillers rsOnl 164 5 ■: 6 7 8
Greenafl Whitley 121 3 4. A rsoi 36
>511 1

Greene King Sons 284 B lEnt
Guinness ia.i Son 81 2 <: 3 >: 4*

Hardys Hansons 3SB 62 (5111
Hiphljnd Distilleries r20ol 7S 6 7 I

Hinsons Brewery 67 6 70
Holt (J.l S15

Invergordon Distillers iHoldings) 152 161 I 1
Irish Distillers Group f!rO.Z5t IE0.56
p 45

Macdonald Martin Distilleries A i£0oi 350
McMullen Sons (£1) 41 h
M ansfield Brew. 304 (6)1 •

MdrstOn Thompson EveTShed 67 8
Morland 203t 3 41

Scottish Newcastle Brew. (20pl 50 •< 'j IS

S. African Brew. (R 0 L 2 O) 210 1 2
Tomatin DIKII. 51
vam Brew. 122 3

Webster (5 i Sons 4^PcDb. 32<: tout
Whitbread 85 9 >_• SO I. New A 88
9 90 1 2 New B 91 (5.11
Whitbread Invest. Co. 32
Wahrerhimptcn and Dudley Breweries 204
Young and Co's Brewerv (Soot 233 S

BAT Industries 340 12 3 4 5 6
BBA Group 35ll _ _ _ _

BICC (SOP) 272 3 4 5 B 7 B
BLPLC ISCP) 14 6 7
BLMC 7l*pcLn 49 ■: 51
HOC Iffeematronal 148 b 9 50.

BPS industries (50pi 323 4 5 6
I BPC 29'- 6 i- J« 7 8 US

I B5G International (IOp) 15 ‘j* 6
I BSP MOp) 76 i 7 '« ■<*,

j BaS:o3f B |n;orn«tional 85>; 54 7 >: 8 9
Bagger i doe Brick 50

9ocUl

Bailey IBed' Construction (10p) IB (511)
Bailey >C. H.) (lOpi 6 U :. B FlOp)
Baird (WIIHaml fltl) 183 4 i-S 5. 8

■511)

I Baker International Coro CSti £!&’: IS 1)
Bakers HousenoJd Stores (Leeds) (lOo)
I 156 7 8 9 6 Dt 60 12 3
i Bamters S-’ores ( 10 ol 5S 7
l Bard lev <10 pI 15 61; 7. 7dcP1 (£1) S9

t fs n

I Barget 149 i5'11

Barker and Dobson Groan <1p) 6': 7 -s
Barlow Rand (R0.10) 435
Barr (A. G.l 207:

Barr and Wallace Arnold Trust 64®. A

Bandit 'Devs. CIDp) 209 12. New (IOp)
212 3 4

Barrow Hcnbnrn 31 I6.'1>

Barton Group 29'?

Bassett (Geo.) Hides. 65
Bath and Portland Group £2 3

Bat leys of Yorkshire (10o) 62
Beatson Clark 171 2 (511)

Seattle (James) a HB 9
Bcauford Group (10u) 24 (5'1)

Beazer (C. H.l (IOp) 119
Beckman (A.) (IOp) 72
Beccham Group -211 4 2 3 4 5 6. 5 pc

Ln. 290

Beech-wood Cons. (IOp) 20
Bejam Group (IOp) 111 2 4} 4. New
(10b) 112 5
Belgrave (Black heath) 17
Bdl Canada (SCO J) B20p (5)1)

Bellalr Cosmetics (IOp) 12 (fl|1)

Bellway 72

Bern rose Corp. 45 7 511)

Benin rd Concrete Machinery (IOp) 62 3 .

British Tar products (MW * G
British VlB Co 140 1
British Vending MOpi 15

gffi OU Wl| 3 °P™or^ry 2 Co (5A2) 590
2 5 B 600 2 515 „ . -

Brooke Bond Liebig 47'a 8 s. 9
Brooke Tool Enginoer.no (Hldfli) 26 7 9
Brooks Watson Group (IrO.ZOI 0,29
Brotherhood <P«er) {SpFi l42
Brawn & Jackso" (JOp) 25®

Brown & Tawse 143 * 5 6
Brown Borer 1 Kent (Hldssl i !fi } ■- *
Brown (John) i Co 56 7 8 U|* l l« 9 60
Brown (N.i lews- C20P) 93
Brownl e e 59

Bruntoro (Musselburgh) 108 (5.'1>

S3?" «*>:■”») wu a .w

22-1 • 3i.

Bullough' (200) "144 (41 1)

Bulmer Lumb (Hides. I (20 o) 39
Bunzl Pulp Paper 1S3
Burro Dean 3t

Burgess Prods. (Hidgs.) 4B (5(1)

Bumdene Invs. <15P) 7>: (6>1)

Barnett Hallamsnire Hldas. £9.2 .3 4
Barns- An de non (lOpi 26

Burioughs Mach. 3-4pcUnsecd.LiL 071 MU)
Barton Grp. (50u) 133 4 S 6 hi I- )
Butterieldjiarrer 2t2

Stock Exchange
dealings

Chi D«)

SainsSsarv CJ 1 499 7 8 500 5 7
T St George’s Gp- iicw H
St G©aai!»-Pa-n-A-Mtwi®on
<FR1C0' FR146.9 (4 1)

Sale TUnov 185
Samuel (H.) 2ia A- 102 3
Sam nelson film Serrinr i20pi ,135
Sande rso n Murray and Elder (Hidgs t (SOP)
360

Saadhun* MarkcOos OOo) 47 (6 1)
Sangns Gro. 37

, savjle Gordoo UJ Gn». ; 10 o> 46
j Scray Hotel A jlf

Th® list below restricted mainly to oquittw aQjJ CBiwerdbh stocks, h» bem
tdkBn with consult from last Thursday's Stock Exchange OflclU list and
should not be reproduced without permission. It shows prices a which business
wu done hi the 24 hours up to 3J0 pin on Thursday end settled through the
Stock Exchange Talisman checking system.

The prices ere not in order of execution, but In safiendotg order which
denotes the day's highest and lowest dealing price.

For those securities in which no business wss re co rded In Thursday's
Official List the latest recorded business done during the previous four
business days Is given with relevant dates appended. The number of bargains
done on Thursday in each section is shown against the ’ respective sub-
headings. Unless otherwise indicated the shares are 25p fully-paid.

; Bargains at soeciol prices. a Bargain done with a nan-mem be r or
executed in oversea* market ® Bargains done prertwn day. SA — SAiatraliau:
SB — SBahamjan; SC — SCinadian;

jian; SHK — SHong Kong; SJ — SJamalcn; SMa—
SMalaran; SMc— $M<n|»R; SNZ— 3New Zealand; is— ■SSJugapore: SUS — SUnited

States; swi — swost Indian.

Fltxwllton 27 »6 1 1

Fletcher Challenge rNSO.SO) 100 <6‘1)

Flexeilo Casters. Wheels 38 Ml)

Flight Refuelling .Hldgs.i 27 1 2 3 5

Fgbel Int. (tool 21 ■: 2 ';

Fccarty iE5.) Did (dOai BZ 4 11
Folkes < John) Help (Su) IVio 4Jj (61).
Non.vtg. iSd is®i. J. t
Fcsavear Induttry Innts. 64 6 :?i
Ford Int. Capital Core SpcLk 62 'i (6/1)
Ford (Martini ilQpi 19u *

Ford Motor <32) 8 (5T1
Formlnster ’IOp) 110 r31’12)

, Fortnum. Mason <£ 1 ) 700
r Forward TrehntHoey Inds. 60 2
Fmeco Mlnsep 175 7 9. aUpcPf. 112
■ 5(1 1. TOocLn ft2 (5(11
FOtter Brot. Clothing 50 1
Foster (John) £ Son 28 h:

Fotherem & Harvey 111
Francis Industries 75 (61))

Francis Parker (lOo) 20<c
Freemans 114 a 20
French icier Hidgs. 92<: 3N 4

G-D

C.H. Inds. HOD) 21

Cable Wireless i50j» 212 3 4 St S 61 B
73 7 B 9 : 9 zo:. New (500) (l.p.) 213
4 5 6 8

Cadbury Schweotres B4 1 - 5 U 6

CiUms (500) 126 32
— ‘ ^.*5 (5)1)

COMMERCIAL (7,583)
A— B

AAA Inds. 28
AAM Hldas. 84 6 8
A.B. Electronic Products 120 2
AE 45'; 6 >: 7 >it V
A£CI 20t 74 (511)

AGB Research (lOo) 245 7 a
Al Industrial Products 12 (6/1)

AP.V Hidgs. C50P) 228. lOVpcLn. 160

(4)1)

9 52

Aaronson Bros. (10ni 48 ‘1
■ lr£0.35) I£0jI9

Aberdeen Construction Group 190

and 8rist. Chan. Portland Cem.

Abbey Panels Invests. 73 (31/12)
Aberdeen Constructloi “

Abcttha,

Abwood Machine Tools non) a ; <s/i).
Ord 7.5p 8

Ahow N-V A 40 1. Bpc Cn* Ln 45']

Adams and Gibbon 73 (511)

Advance Services nop) 54 <511)

Adwest Group 176. 10'joc Ln 220 5
Aero Needles Gtoud 21 (4/1)

Aeronantical and Gen. Instruments 230®

African l£kes Coro 30

a rflcm Streamlines 13
Won |20p) 10'] 131/12)

Alcan Aluminium Shs^l V* <5M)

Alexanders Hidgs ..v», .«

Aliebone and Sons (IOp) 31 ■; 2 I;
Allen (Edgar) Balfour 7Aioc Do 57
Allind Colloids Group nop) 136
Allen (W. G.) (Tipton) 46®

1,6/1)

Ben 1 ox Hldn. CtOn) 26

BcRtal )5 (IOp) 37 9
Btf« Grow: 147 8

Be ri steed (5. and W.) 124 S 6 7 B 91 9
Bertrams 15

Berwick Tltnfio S3 4 5 B 7 «a* -

Bests bell 343

Bett Bros. (20pl 44 (5)1)

Sevan (□. /.) (5pi 10
Blfabv (j.) "

Biddle Hides. 145
Bifurcated Ena.

5a ns (50p) 310 2

32 (31(12) .

Blrmld Qaalcast 22 ■- 3 I. 4 ■:
Blrmlnobam Mint 168 9 70 (5/11
SlrmfriBham Pallet Group (IOp) 32
Bishop's Group 120 A 76'; H
Black and Decker Mnftg (SO 30)
(31.12)

Black and EdglMton (50p) 49 50 1

Black Arrow Groop (50o) 32 (4/1)
BUCk (Peter) 211 2 3 4 5
Blackett Hutton St-PCPf. (£1) 31
Blackwood Hod nr 20 2h
Bligdan N crakes nnidos.1 94 (5/1)
Blackleys a Cm) 123 (6'1>

Bl’/e Circle f "dusts. fXD SOI 2 4 5
Bluebird Confectionery Hidgs. 54
Biuemel Bros. 22 (5 D

3 >2

Warden -Pennoglaze Hidgs. 86

Besroman m o.i Intnl. (5p) BVi 9
fl-dvtoTe Intel. 56
Relton Textile Mill (5p) 14 (4)H
Hooker McConnell £6 7 8 9

Boowv Hawkes 126 ($’1)

float (H.) >50p) 185 (4|i;

Bools 19S 3 4 5 6 7
Borthwlck (T.) -<50oi 14 5 ’6 7
Boulton <W.) Co. (IOp) 6-V 7U h
Bcwatcr (£1) 120 I 3 4 5 6 7! 7 6t
a 91 g m: 3D IS 1 2i 3$. 7-ocLn. £99
100 1

Bowater Newfoundland 4iipeW.- (£1) 26
7>i (31/121

Rees warns of danger
to Labour peace

pact

BY PETER RIDDELL, POLITICAL EDITOR

THE FRAGILE truce within the
Labour party after this week’s
talks at Bishops S to rtf ord,
Essex, was tested yesterday.

In a speech in his Leeds
constituency, Mr Merlyn Rees,
the Shadow Energy Secretary,
warned that the dangers which
still existed* from extremists to
the parity’s unity and passible
success.

He claimed to be sneaking for
the heartland of the Labour
Party in Northern England,
Wales and Scotland. He pointed
out that there were hardly any
Labour MPs in the south and
that in London the party's
support was dwindling.

“ Unless in these areas the
' party pulls itself together, there
cannot be a Labour government
that can carry out the policies
we have agreed. Labour has
been talking to itself instead
of the electorate."

In . contrast, Mr Norman
Atkinson, the left-wing Labour
MP and former treasurer of the
party, said in a BBC radio inter-
view that tbe party had to offer
something credible when the
election came.

He said: “There is no hope
of the Labour Party having full

employment so long as Britain
remains a member of tile. EEC.
We do not deserve credibility
jf we follow a double-sided coin
of that sort.”

In particular, he mentioned
the party’s deputy leader, Mr
Denis Healey, who has said that
he will not serve in a future
Labour government if it was
committed to unilateral nuclear
disarmament or coming out of
the EEC.

Mr Atkinson said: “He must
put that right if we are to
mobilise our maximum
strength."

• The problems between the
Social Democrats and the
Liberals in Derbyshire appear
to be on the verge of being
sorted out. The spokesman for
the Derbyshire Liberals said
yesterday that ' they had
achieved a four-four division of
seats, leaving Amber Valley and
Erewash still to be sorted out
at a meeting on Sunday.

One of the problems for the
Alliance is, however, that both
these seats are not due to come
into existence until after the
recommendations for the
Boundary Commission have
been implemented, probably
next year.

Cairo (A.) (£1) 2
Cafcebrmd Robey (IOp) 100. A (IOp) 35
C-i'Tifirid'ae Efectro'Wc Inds. 94 5 G
Camroro Era's 15 ij 6 'i 7
Campari loti. (20 b) 39 42
Cam rex (Hldas.) i20pi 40 U 2
Canning (W.'i 56 7
Canton A OOo) 37 (6/1)

Cap-iro inds. 29 i: 30 (5/1 »

Cape Inds. 154 6 7 8

Capper- Neill (IOp) 55 ij 6 is

Caracals (Sp) 34

Caravans TntL <20 p) 21 >; 2

Cardo Era'8 61. lOpcPt. 75

Carless C atari Leonard (IOp) 156 7 8 9

Carlton Inds. 195 (S/1)

Carpets Inti. (50p) 23':

Carr (J.) (Doncaster) 60 (6'11
Carrington -VWel'a 12 ■< 3 i.

Can-on (Hldos.1 24b 7 B
Carr's M/Unp Inds 69 71 (5*1)

Casket (S.t (Hld°vl (IOp) .25 (4(11
Castings (IOp) 32 14 / 1 )

Cattle's (Hldas-) (IOpt-24
Causton (Sir Jos-oh) 3C t t;1
Cawdavr Ind. HWw. 8
Cawoods Hldas. 200
Cel ration Inds. (20P) 17
Cel He Haven (Sol 12 (511)

Cement- Road st one Hidgs. (150-25) I £0-89
Central Sheenrood <5 p) 13*]. 4 >n
Centieway CBOp). 120 (4 11
Chamberlain Phipps (top) 44 t; 5
Chamberlin Hill 43 (31/12)

Chambers Fargus (Sol 33 (4.'1)

Change Wanes CZOp) 23 4 5 7
Channel TiH*oe1 Invs. (Sol ISO (4*1)
Chapman (Balham) (5QoT~ last (4(1)
Chemrlng C5p) 241 hi
ChlerMe G-J 26 h t- 7 f j 8
ChrWe-TvIer (10c) 79 40
Christies -Inti. {10 p> 130
Christy Bros. 22 (6;i>

Chubb (2 An I 161 2 31 3
Hu, rah 1 73 re i)

C'ark- fC1ef»"ntl (Hldasi 128 '8H1
ri-v iRIrhardl 4" '*'1'
rt' *ton 5 on 'Hlrtgsl '50 n) 53 (S 11
riMnnrg D-lries ’on. A Non-vtp 120
Clondalkin Grp IF.O.R2
H«de Bl— * rrs 133 (S/1)

Coalite Grp 122

Coates Bros 49 'S’1>. A Ngn-vtg 47

Fried land Doggart Gro.'85'lSll)
Future Hidgs. 7a >: iSU l

G — U

G.B. Papers IBi,

G.R. (Hidgs.) UI 40 <4ri>

G.R. (Hldas. 78 I, i6ri)

Brindley (5p| 56. New (Sol 56

GaliKard _

Garterd-Ulley Industries i5p) 27 (6/1 1
Garnar Beth 75'ii 6 : (5'1)

Garton Enshiecrlno (IOp) 25®

Gartoni ( 10 b) 11
Gates (Frank G.l 49
Gaunt (Rowland) s -1
Geers Gross CiQpi 100

Gel Ter lA. 6 JJ i2DO] 46

_. . >0 1234567 8

London Vick 69 h 70 1. 14pdji1 19

London Pavllloo (£ 1 ) 6 (6/1)

Lone Star. Indnsvla <S1) l4Vt (d/t)

Long and Hanybl; (igp) 8 '-
Longton IndoKrlal Hidgs 36 (51 )

Lanrira O5o) 75 h 6 <: 7 >: it 1 i] S*. S
h 80 1

Lonsdale Universal 40 Mil)

Lookers 48

Lorril (G. F.) 54 '4,-1)

Lovell (Y. j.) ondgs .1 245 «:•:

Low Banar (SOP) 146. 12 <spcLn. 80 3
(4(1)

Low (W.) (2(M 162 6 t 8 i 9 70! 70 2!

Lowe >-R. H.J 40

Lowland Drapery Hides. 17 .

Lucas Indrnts. (£1) 211 2 S 4 S fi 7! 7

Lyles 6 .) ( 2 Do) 73 ( 6 tfl

170

Gen. Electric 797 8 30
V 10 2 3 4 5
Goneral Instrument Corn. 23J» 14(1)

Goodwin' (R.) (Engineers) nOpIlOJj
Gordon. Gotth Hidgs 145 (5/1)

Gordon (Lois) Grp. (IOP) 27 (6/1)

Grace (W. R.« 151) 23K (SIT i '

Grampian Hldss. 51 2
Grampian Television (IOp) 32 (5/1)
Granada Grp. A 212 4 5
Grand Metropolitan (50p) 178 9 80) 80
1 2 3 4 5 6t
Grattan 92 4 S 6

Great Universal Stores 438 42. Do. A 432
345678 40 235 s ..
Grcatermans Stores (ROJO) 640 (5/1).

Do. A (R3.S0) 610 (5/1)

Gretnbanfc l mi., Hldas. (tool 28
. Greenfields Leisure (IOp) 25 6
4- Green’s Economiser Grp.. 134®

Grlmshawe Hidgs. (20e) 19 20
Grlpperrods Hidgs. (10o) 134
Group Lotus Car tlOo) 27
GrcveOell Grp. (5p1 7

Coats Patens 58 h 9 ■] 6|
' * IJZOD) 275

■ 6/11

149. 10pc

5

66*1

TV Ratings

w/e Dec 27 , 1981

BBC '

1 Lost of the Summer Wine; 2 Paul
Daniels' Magical C/ir/stmas; 3 Tha
Two Ronntee: 4 Disney Time: 5 Gone
Wirt) the Wind (Sun); Mike Yorwood
Christina a Show: 7 Gene With the
Wind (Set); 8 Hl-De-Hi: 9 The Queen;
10 J-rmH Fix It.

rrv

1 Coronation Si. (Wed) (Gran);

2 Coronation 5t (Mon) (Gran): 3 71)8
Morscambe and Wise Chmtrnas Show
(Thma): 4 This Is Vodr LHb /Wed)
(TlrnM): 5 IfH Ba Alright on tiie
Night 3 (LWT); B Sweeney 2 (ITV);
7 The Jkm Davidson Show (Thms):
S Nice To See You (Thma): 9 Bui Isay a
(ATV); 10 Df No (ITV).

BBC 2

VTHb Bridge on the River Kwai: 2 Dave
Allen; 3 Tha World About Ua: 4 Grange
Hat (Tiies): 6 Cliff FJicftard in Summer
Holiday: 6 RussaH Hariy et Home;
7 Grange HiU (Wod): 8 All Creatures
Great and Small: 9 White Christmas;
10 How To Murder Your Wile.

Death grant
delay protest

A LABOUR MP claimed yester-
day that Hie latest delay in
announcing a change in tile
death grant, which has stood at
£30 since 1967, was M prolonging
the agony” for many old people.

Mr George Foulkes, member
for South Ayrshire said: “We
were given dear and unequivo-
cal promises in Parliament and
at meetings, that a decision
would be made before Christ-
mas. and tins delay is intoleiv
aWe.”

Last month Mr Hugh Rossi,
Health and Social Security
Minister of State, told MPs he
could- not fulfil a promise to
make a. statement before Christ-
mas, but expected to do so soon
after the Commons resumes on

January 18 .

Cohan (A.i

ColB i4^(Wnilfimi Sons (Hldosl 210 (6 1).

A Non-vto 170

Cotnban Gro ills' 38 7 ij* 8
Combined • English Stores Grp (12):ol 34

Co-P*«ln<ft Technologic* nOo* 19 <s
Camri Radiovision Services (5n) 109 12

Comfort Hotels fulfil »« J* 7

Cnm outer Svstems Eng <20p) 228 (6'1).
New ord ' 20 o> ‘•vr 832
Con-arrtrtr llOoi 3P
renc-ro '1(ln> 53 fS'11

CraHni'ons SteUnnere *1"nl 26* . ...

C«<v (WHllaml Sons I'.heltieldl *20o1 14i-

C-* "cr Cfrederirk' rnidgs) {-IOp) 17') 8<]
ISM)'

r--rer |nds ' 10 ol 11 *,

-“-e Al>m*i* Ivtnl 'Pol S*l] 5
r~nm -> n if.* «5b1 24 (4/1)

Car*h SA

r^-n-R Droy.ses rSo« I4nf 60 21.
riore iHreaeel (So) 14L1 lat '6'11

sxx k g. DM 2 iO 2
Cnimirv Gs^Iwm's Assoc (51) 18®
ov

CmintewMe Prora 103 5_.

fsssaaruS

Courts (FuroHherS) 64 '411). Non-vlg.
»(« 7 M

/*-**»■,. /inn) 32

C-wl- IT.) (So) 28's 9. 10'spePf. 83
/si-)?]

r»,l- Pr'ntl-ra (1 Uni «

rr-v F’-c-ronlrs «'»<0 VT m g 101 21 2

Cres* fiittholson 'to a) fig 81 4

Crr-(a ll»nl. 1 1 /|n 1 vs 7 I. >j{ B > 4 ).

non ee 7-« « ij
/— ,n r-nun SI '«M)
f— ">-r 1 1 vires) 137
C'" ,fc » Hoi-s* CrnuB '<11

Iir.«-.I 1 S5* 1 .* 1ST 12)

rr"«bv W ardfir/d ‘lOpi 6 h
rrm-h rn-ro - -) f7T>) 130*«.
r— -rh ' Group 102. gpcUnsucAn
rn 1)

r- I H ■*-■«» P7

'"rt'-rn 7-ll“rbach Con. 12t (31-12)

C-v<<*ri-" (Hidgs.) (5 p) 77®. 9 s *acUnsec
Ln. 119®

C-i'ien 1 * «nres (20p) 235 ':S 71. A Non-
v-i <2re] 200 3 6 81
'■"(■v's Croup 164 8- _

Cit-'n* Prop- Group Now (20 n) Id. 83
4 5

D-r, eo 70 3

Dele Electric Intnl. <1 Op) 56 7 f^'l)
Dvhietv (£1) 089 90 1 2 3. New ttl)
290 It 2: 2

Danish Bacon A (£1) 86
Dsnks Govrer+on 35 (5.1)

Dannlinac (Hidgs.) Invest. fZ'tP) 1 (6M1
Davenport Knitwear flOp) 210 «/1)
Davies Metcalfe (10o) 45 («1). A (Non-
Vto.) HOpi 4G ISM)

Darios Newman Bldgs. 66 70 (6/1)

□avis (Godfrey) Hidgs- 88 90 (5/1)

Daw Cpn- 177 9

Dawson Intnl. 131 2

De La Rue 683 57 70 U35,,,,

De Vere Hotels Restaurants 1 S3
Oeanson rHIdg*.) HOP) 20 (511)
Debenfiams 66 1- 7 1; 8 l- 9 .

Debenhams line Ln 93'98 84

Delta Go 43 «4 I] 4

Delvn Packaging. <20pi 15 (6/1)

Dennis (James Hi (lOpi IB

DentspIV 9pcLn 65

Drrltond Stamping (50o< 83

Derritran HOPI 7 h B 9
Dcsoimer Bros. Hidgs. 104 _'3i(12i
Dewhurst l J_ Hidgs (lOpi 78
Dewhurst * Partner (IOp) 11. A Ntf
nop) 11 (5 1)

Dewhurst Dent (20p, 9 (5(1 •

Diamond Stylus CiQpi 3S
D inkle Heel (5pi 9i- (JU)

□iplunia (10o> 195 200
Dixon (David) Go 104
D brans Photouraphie (IOP 155 8 9 60
Dixon-S trend (5 p) 11 (6/1) . ,

Dobson Park Ind ilOoi 82 *: 3 J«
Oorada Hides 30 1
Douglai (RoberO Ml Hides 71 (5'1l
Dow Chemical (S2 501 1 3 <i (Ml
Dowdlno B, Mill* (tool 26
Downlebrae Mld9»_(10p> 20 (5/1)

■ bencrai inurwient i_ora v mill
I General Motors Coro. <MJ1 102 (5/1)

I Gcstetner Hldoi. A 81 3. lOpcLn 62!; 41;

! Gibbs & Dandy (lOul 75®

I Sieves Grp. (20pi 33 •: 4
I c - 111 C'-Blis Go. 158 6o 1
; Gfanficld Lawrence 47 (311121. H 24
(6(1 1

1 Glasoow Pavlflon (IOp) 58 7 (5/11
Glass Oarer Grp. (Sol 107®

Glaxo Hldgi. isopi 416 7 8 20 1 2 4.
T'.-pcLn. 156 7

Qeeson (M. JJ (Contractors) HOpj 91 3
4 16/11

Givnwc® 99. fipcLn. 66 :; <6111
Go'-flberg (A.) 49

Goldman (H.) (Grp. (IOp) 29 (4it)

Gam me HWB5- 27.(6/11.

Good Wind

'.) (IOP) 3Z>: (6.11

H.A.T. Grn. (lap) 71 >: 3
H.T.V. Grp. IDS 6 7 8
Habtt Precisian Engineering (Sul 12 (5/1)
Habitat Gro. (lOo) 110 2 3 3
Hadcn 203 S 7 8 _ „ .

Hall Eng. (Hlcss.i redo) 157. 7t,pcLn.
104 (4/1/

Hall CM.) and Co. 202 3
Hallite Hidgs. (50 pi i93 4 (S)j
Halms (IOp) 88 9

Halstead (J.) (Hidgs.) dOn) 47 's (5/1)
Hampscn inds. (5b) 9:- _

Hanger Invest. (IOp) 22 fS 11
Hanover Invest, (Hidgs.) OOP) 43 (4/i>.
NV (IOp) 42

Hanson Trust . 282 3 4 5 6 7 8 .
fiijpctn. 162. 9 \.pcLn. £105'j 6 1-7 8 .
New 9l»pcLn. T08 'ti 's .

Hargreav-M Group (20pi 44 5 '5 I)
Harris (Pfilllo) (Mldns.) COo) 96®

Harris Queensway Group ( 20 p) 128
Harrison (T. C.l 73 ram
Harrtsan and Crosfield (£D T’r -*■ /,
Hartwells Group 93 1 (4/1)

Hawker Clddelev Group 31 HJ* 20 1 2 3
4 S

Hawkins and Tipsan 2 Si.- 6
Hawley Group 64 >j S 6 7
Hawtln (501 BU 7
Hiv CN.) COP) 52 ( 6 ,'D _

Haxiewrod Foods '20p> 207

Headfam. 51ms and Cogslns (So) 63 ^4

4

100

Heel and Son HltfBS. (£ T) 22 .

Helene of Lyndon (lOo) I7i* fS/t
Henderson (PC.) Group Ufi »5/i)
Henlvs ntig’ 99* 9 101 2 3 41 4 5 61
Henrimies (A.) (lOpi 18<:

Hepwortti Ceramic Hidgs- 92 '* 3
Hepworth (J.) and Son flOp) 97 (

Herman Smith (IOp) 2H (j (©.Ti

HB&rWTJ"* MU - 1

Hewden-Stuart Plant flOpl SOI* 1 .
Heywtmd Williams Group 29 30
Nicking Pentecost fSOol 75 » 6 M)

Hickson Welch (Holdlnsa) ffiOp) 206

Higos Hill 118 9‘

Highuate Job Group fSOp) 54
Hiuhnate Optical Industrial flOpl
(©11121

Highland Electronics Group i 20 d> 29
Hm Smith 44 7 red)

Hillards no?i 146

Hinton (A.I Sons MOP) 258 Git 1
Hoechit Ag. iDM 5> 270 5
Holden >A l Sons 154 6 8 9 60 1 2
Hollas Group (Spi 17 I 9‘, 9
Hollis Bros. ESA 21 3 ,

Holt Lloyd Intnl. (10o< 52 4 5
Home Charm tlOoi 122
Home Farm Products ilOoi 62 3 (31/12)
Hoover 80 5 5 8 (Slit. A 9_D_ 2 .3 7

36

Hopklnsont Holdings (50 pi )03
15 7

Horizon Travel 285 7 *it 8
Hoskins Horton i 20 oi 114 (Silt
House of Fraser 160 2 3
House of Lerote 96 (5/1)

Howard 'Wyndham (20p< 6 b. A (20oi 6
Howard Machinery 23 4t 4 5 Gt i z t 6U1
Howard Shuttering (Holdlrasi 28
Howard H earns services 55 6
Howden Group 150
Hudson's Bay NPV £9.1 „

Hunslet (Holding si 300 (31112) .

Hunt Moscrop (Middle tom (5p> 13. DM.
(Sp) 6 >j

Hunting Assoc. Indust. 225 Did. 155
Huntlelgh Group nop) 1060 _

Huntley Palmar Foods (20p( SB 90 1 2 3t

Horst (Cj) 32 5. (S/1)

Hyman

and J.) (5p) 11 k 2 -ij

I— J— K

Downs Surgical OSpi 21 _
Dowty GP (5001 726 7 8

a so: 30 i

brake A Scull Hidgs (10)

Dreamland Elec Aon (IOP) 2D 1
□ubfter fflo) 55 6.

Duel He Steels 93 ■ . _

Dufay Blfumastic flow 43 i- -*w 5
Duncan (Walter! & Goadrlcke (£t‘ *70

DundonlUi (2 Dpi 56 7 8. lUtoePf. (El)
131*

Dunhlll (Alfred) (IDpI 260 (4H)

Dunloo Hldus (50m 61 .2 S *: 4
□•rale Int 49 SO

Srao^J 1 * J 78. NV A 88 »lt 9 70

iji >*: is is- lit

E — F

>u

98

LOCAL AUTHORIH BOND TABLE

Aathority

(telephone number in
parentheses)

Annual Interest Life

gross pay* Minimum of
interest able stun‘ bond

Kn owsley (051-548 6555) ...

EI5 Go 118 20t
ERF (Hldasi 40
Early’s olWfawv ()0 b) 22
East Lancashire Floor 46 (5111 ...

east Midland Allied Press lOO rail).

90

Eastern Produce (Hidgs) (SOB) 70

EJlMr Indu^lal (50 p) 105 10 (fill)

El. .to Hidgs HOP) 70 k f6Ml
eiectrocomooncnts MOo) 143
Electronic Machine 43 l6'1)

Electronic Rentals Group 82 3>2 4
5 6 71 7 8 9:

Elliott IB.) SB 90

Eiiiott (E.) iB 9 rem.

Elliott Group Peterborough (IOp)

EiUs^Everard 118 >6/11

Ellis Goldstein (HMgs) r15p) zi»s a

Elson JtohWit* 18

ElsarKV*HooDer (3pl 8 1; 9

Empire Stores (Bradford) 65

Emray (Sp) 8 . ... _

Energy Services Electronic* (JOp) 241*5

England (J. E.i Sans (WelHrateni (5ei 25

English China Clare 147 8 9 50

Epicure Hidgs (5s) 33

trlih 67 (BID

Esperanu r 1 2 ijpl 137

Eucaivntin Pulp M«ih 217

European Ferries 79 is 80: 80 h 1 >:)

Eurotherm intnl (IOp) 263
Eva Inds 29

I CL 31 i» 2 I- », 3 Ut i- 4 5. New
34 (6(11. New (Nil Pd.) 61- 7 S I, Ii 9
I DC Gro. ( 20 pi 80
1MI 51 i- 2 3

KJ IntnL Corp. (51.20) 6.40®

Ibstock Johnson 66

((/Ins worth, Morris (200) ZOt I. A CNon-
Vtg.i (20P> I Si. 4 ■;

Imperial Chemical Industries (£1) 258
62 86 7-8 9 90J 901:1254568
Imperial Cold Storage and Supply iR0.25)
124 i5(1)

Imperial Grp- SBb 9 '* I- it 70: 70
<r It 7 <;t. apcLn. l62i- 4

Inco 660 70 700 1 5 20 5 30
Ingall Industries HOp) 37
Ingersoll-Rand (52) 29"« (51)

Ingram (Harold) (lOpi 211 - (5H)

Initial Services 244: ' v .;t 6
Inter-aty Inv. Grp. i 20 d) 20 ':t i, l:

Intnl. Blue Mach Corn. (51.251 30Jv
Intnl. Paint 218

Intnl. Tel and Tel. Corp. (51 1 15% ,4/1)
Intnl. Thomson Org. 305 6 7 8 9 12
Intnl. Tlmbor BO

*» «« « *

J- 8. ^ ..

Jades (Wiliam) i b
J ackson II. and H. 8 .) I5p) 52 3 'j
Jacksons Bourne End 154 (5’1)

James (Maurice) Industries flop] 21

Jamesons Chocolates (IOpi 57
Jarvis (J.) and Sons 22S 30
JoFkjS and Csttell 39 h 41 ( 6 ;l,
Jertlque (Hidgs.) 20
Jerome (Si and Sons iHIdgii S4«
Jessups • Hides) 32 , 6(11
Johnson and Firth Brown 16 b 8
Johnson Group Cleaners 217 t5:i»
Johnson Matthpy -til 275 7 B In I
Jones and Shipman ai °

Jcnos 5 fraud (Hidgs.) 75
Jour dan (Thomas) (IOp: 64 (6.-1 >

Kalamazoo HOpi 41
Kean and Seori 34 ■* 1 >

KeHev Industrial 134 40
Kennedy Smale (IOpi 143 5
Kenning Motor Group 73-I-:

Kwt (M.P.I (IOPI 67 9. New Ord IOp 69

Kershaw CA1 and Setts (Spi 252 ,« n
Kttchen (Robert! Taylor and Co now 103
D'jo IS 7 8 9
Kleen-E-Ze Hidgs 48 <4 1)

Kode iiKornatTpaai 220
Kursaal Co (Mt/to 25» 90
j Kunk-Fit Hidgs fioei 47ia 9 50 ij* i

Evered HMgs I9 1 : % (5/7)
Evode Hldos. < 20 p) 77 « 6 ii

EvuMbur jewellery Qp) 8 '* .
Exeeutex Clothes ( 20 o) 12 (5/1)
Expanded Metal 57 8
Extol Group 233 4 5

«

F.M.C- 57 B (5-1)

Falrdoug Cons. Group
Falrdaia Textiles A (Sol
Famine BpaB (IOp) 33 4
Fpleirlew Estates iBOp) 17 B (Sn)

farmer «. w .)

Fartieir Clectroflltt liOPl 542
Fab int. >100) 76 80 8 7 fS-D. A (IOp)

.7S. -1 ® 1. ijjji ind*. (IOp) 33

Feed** Agricuiturel Inds. (1|
Fenner >J. HJI (HWflt) 1*5
Ferguson Indatl. JHIdgi. _72

Ferranti (SOP) ”620 ^3*" 5 7 9

30

Ferry Pickerinn Group nOp) 72 3 6)1).

noo'^AB®

^v , a f 73 - I5! - ,> -

F.dNKV

File liHimar 90 (5*1 »

Fine Art. pore- ,i5pi 44 ij. 5_7 g (6M)

Finlan (Jcfuri 'IOP) 141 'Z
Hitiav (James) M 4 s at 6 7t
nnlsr.fefcMj™ Kp» 25«,.

-M

30 1.

First Castle Electronics- OOP) 86 7 8 _
Firth (G. M.) -Hidgs.) (IOp) 1B9i 90t

90 2t 5* 6 * 7t
rubor (Alberti Cr

Jreup (So) 13 (5/1)

Fliens «£11 148 7 8 i-
r.*rb L~v-il (7"ol 76 7 8

LC.P. Hldgj SB 8
LRC International dAp) SB >- 48
LWT -Hidgsi 115 '

LadbrokP Group non) 1 27 8 9
Wts To Subscrb For Ord 76
Ladies Pride Outerwear '2001 43 *

Lafng (Johm 47 8, Ord A 47 8
Laird Group 119
Lake and Eiiim 39 dl
Lamont Hidgs 'lOpi 17’: 8 (5:1)
Lancaster (D.M.i . 50 ; S3
Lane (Vercv< Group i)Cpi 42 3
Lanorte Industries (Hides) SOei I 21 s
Latham Uamesi (£11 115 M'l)

Lawrence iWalteri 132 (6 II
Load Industries Group (SOnl 152
LMderllitsh (Hidgs) (IOp) Z 7«4 (4/11
Lee fletrippraHon 185
Lee (Arthur) and Sons (l 2 i:pi is),

Lee Cooper Group 152 3 4i-F 6 71 ?*
Leech (Wliriam) < 7 Dp) 84

L 6s* S 7o* n re'i)" , ' w " Dvers ftnlJlher3
Leigh Interests (Sol 1 O 5 6 7
Leetnons C^poa (iDei 48 9 50. New
rtOfll (F-Pl 49 SO t. New (IOp) FNII-

Leo Group (IOp) 276 (4H) ■

Lesnev Products (So) 16 7
Lev Service Group 94 5
Leyland Paint and Wilteaoer S7

POuneUrte* and Engineering 19
LRwrtv and Co 134 6 (4 1 ). Nmi.v 82
Ldlrabtll non) 34 ( 6/1 ] w K ' 1
Ltltev (F J C.) 151. New f25p) 152®
LlncroR Kllgour Group (IOp) 3BI-G

171 * »■ I«PAn ’Hi
f 20 "’ 245 50 3

Llnroja ZtJ. 2 f4M)

Lister SON h 1 2

Llvmwat Oail* Post and 9ehg (Thai nsopl
Llovd (F.H.) Hidgs t*

‘tt5rW4" , « <5rt '* 1 A

London and Uvenwol • Tnm (ion) 40ii l

uihddn and Midland Industrials 92
LnnHDn and Nbrthm-n Group 36 7> ;

MFl Furniture G®. 19 60 h I
MK Electric Gp. 235 6 8 40
ML Hidgs. 325 (Sri)

MY Dart (IOp) 28': 9>:

Macarthys Pharmaceuticals (Too) 106
McCorouodahi rsoo) 137 8 48 2 3
MacKey iKJ 42 ( 6 tt»

McKedmie Bros. 93 4. lOpcLn. 89 (5.1)
MacLellan rt>. W.i (20o) 3D (5.1)
Msroherson (D.l Gp. 67 9
Magnet Southerns 130 t 2 4 5 *

Mik.n fj. J.i Paper Mills 162* 3 (4/1)
Managemant Agency Music 41 Dp) 120 .
Minders (Kidds.) ISO I a
Manganese Bronze Hldas- 26i]

Manor National Go. Motors ( 2 Dp) 11®.

llocLn. si

Marchwiel IM 1 7 9t 10, . _ . _ .
Marks Soencer 124 5 J; 6 l a 7. 7 ■: 8 ■:
9) 9 30

Marlev «i- 2 ’1 ! '! . „

Marling Industs. (IBs) 29 fa (Bl'
Marshall IT.) (Loalev* A Non-vtfl. 34
Marshalls Hal I tax 82 ^ „ , .

Marshall’s Universal 72 6 : 6
Martin (A.) Hdgs. (20o) 25 (31112)
Martin-Black 30

Martin The Newsagent 255 B 60
MarloniT Intnl. (2Qp' 215 8 f5/t>

Massey- Fera won 88 , , .

Matthews ■ Bernard! 107 JO 2 4 5
Mar Hasten 64i*s 3 6 ':

Mavnarda 172 (6 1)

Meat Trade Suppliers 89
Med minster MOpi 67 *4 4)

Meouitt Hidgs (5p1 13 (4 It

M ell I ns (Sp) 6':

(McJno^ and * Electronic Com-
Motal Box f£ 1 > 158 9 60 1 2 1* 3 4. 4

Metal Clotures Group 108
Metalrax Group (5p) 40 (4 4)

Mettoy 14 (6-11. Dfd 10®

Mever iMontauue) 64 5 6
Midland Industries (5pi SIS 4 6 (S.l)
Miller (F ) (Textiles) (IOPI 75
Miller (Stanley) Hidgs (IOPI 10
Mllhrtts Leisure Shoos (20p) 84
Mining Supplies (IOp) 108 ...

Mitchell Cotts Group 47': t 8 . ISpcLp
*990-95 87': 8 ':_

Mitchell. Somers (IDpI 43
Mitel Corporation 12 '*

Mlxconcrete (Hld«WI 86 _

Mobon Group (tool 17 fh 9 10
Mol ins 158 9 151)

Molvnx Hldps- r20p) 20 'Vll

Mon^nto 'spcCnvLn 1982-86 130 (511
Monttort (Kntttlno Mills) 421: (41).
More O'Ferrall OOP) 127 8 (6 1 )
Morgan Crucible 118 9 20 . 20 W l
New 119 20: »:S (5 11
Morrison iWm.) Supermarkets (IOp) 156
8

MOSS Bras (?Op> 148 55

Moss EiM/ireerlng Group 703

Moss (Robert) (IOpi 42 ( 6 .H

MpHiercare riOa) 150 2 5 7

Motorola i«3) '55m

Mount Charlotte Investments flOp* 19':

20. 9'?prLn 1995-2000 88 (31.12)
Mpwlem (lohn) 176 8
Mu'rhead «06 8 IO 1 2
Munton Bros HOP) 2D': 1 t
Mvson Group (IOp) 26 h

. of) re:ii

! Sana Gro. 138
i Scbctes (George H.l 258
Scotcm 89 90 (S-U . •

■ Scan and Robertson 21:- tSI t)

I Scott (David' IlM 24':
i Scottish Agricultural Industries tfiji .....
Scottish. English and Earooean TB&m

<20b) 76

ScetUsh Heritable TsL 31 (6 1 )

Scottish Televlwap Nrw-Vtg. A (TOP) 75
Scott’s RestHrant n2 : #} 134ti k ON)

Sean Hidgs. 53’- ( » S :> 6 ij
Sears. Roebuck I5D.75) ftJxG
Secuntor Gro. 187. A (Non-Vtg.) 183
Security Canon Hldss. OOP) 123 4-4 5

S^urlty S«rvkn 188 90 »i 2. A INon-
Vjg.) IBS 7

Sekere lezni. [IOp) 16 , .

Scifnoourt (5 P» 9ic % » UiU I-**:'
Senior Engineering Gro. (IOpi 22(6/1)
5*rek 57 131/12) • _ ..

Sbaima Were (20 p» 11T O'D
sr-aree and Flshw 38 9 B'i)

Shaw and Marvin (IOp) IJ 1 : (S/1)

Shaw Carnets (lOol i7u
Shaw (Francis) (20o) ?js (6/11
Sheffield RcfiMhihcnt Homo 95®

ShHoh Solnncn 240

SI (flaw Industries 'SOP) 228 9 30 2 AW
Slebe Gorman Hidgs. 167
Siientnlght Hidgs. (IOpi 94
Silkoicpc LubricaoM 1<8 *6.1)

>7s: 6 . ISpcLn. 1988-91 158 60
Sirdar 115 7 9
600 Group 671; Bfe
Skcttfihr 2B2 3 4 5 6
small (joha C) and Ttenna SP P’MW
Snullsliaw (R-) (Kltitwear) (IOp) 18 (5/1)
Smart O.) (Contractors) (IOp) 52 3
Smith and Neebew <Mi- 7 1 , 8 '• 9
Smith (David 5.) (20p) M (6/1) „ ,

Smith (W. H.) Son A (SOp) 1S1 2 4
Smith Whitworth (5p) 15 (6/1) _

Smiths Industries (50o) 362 3 4 8 . 7!rfJC

SmurflVTleSroaa) (IrSOJZS) 70 2 3
Sofiex A (Reg.) (50pl 40®

Somtottex Hldps- 145(6/1)

Sonic Sound Audio (10o) 95 8 _

Sothebv Park* Group 368 70 5 8 9 80

5ourd 3 Dim»teB (50) 40 52 1 - 3 *t 4 5
Sparrow G. W. (20 p) SO
Spear and Jackson HftnL 92 (611)
Speedwell Gear Cue 23t (5(1)

Spencer dark Metal (Zap) 17 (511)
Spencer Gears ISpi 11
Sperry Coro. 150.50) 17»*®

Spirax-SPrco Eng. 147 9
Soong and Co. (I0o> 20
Spring Grove Services (I Op) 831; AVr 5
( 6 > 1 )

Sool-rel Horn ( 12 >:P) 39 40
StaSordihin? Potteries 36 (4/1). IDpcPf.

f£i) ion- (31/12)

Stag Furniture 96 8 (Ell)

Stakis iRCP) Org' >10p) 475, 8 'o 9
irics 72®

Standard WlrewprfcS

Standard Indsti Group 35 f3l;iz)
Standard Td. Cables 445 9
Stanley (A. G.) Hldss. (5p) 45 6 (5(1)
Stavriw Indsts. (£11 222
Sh-ad. Simpson A 50
Steel Bret. 228 30 iS* 1 >

Sttet*e« 160 1 3

Steinberg Groan nap) 28 7

Sterling 'InOsU. '611

Stewart Plastics 105 7 8),

Stirhrg Group (7 Op) 48
sncklake Hidgs. 114 «5.'1)

Stoddard 'Hidgs.) A 13 4 16 /I)
SltnchiM HldOS. 92 3
S ton 9 - Platt Inds. 12 !: 3 !. 4 . Pf

AJtcPt L£Tl 18

Stolhert. Pitt (£1) 73 Ij tBri)

15.

Stitetm of Grldalmlng riant 20
t. Fisher New 53. (5‘1> „

Slrcua' Rilery"Druminftfd 41; ':t »-t Ij
Sturia Hidgs. i-IOp) 141» »« 5>* -m Lt nt
6* i-

Sumrfer {Frandtl (Hidgs.) (IOp) 5)] 8
Sumrte Clathes <ZOp) 40
Sunbeam Wclser (1r£0.25i I £0.1 8
Sunlight Sendee Group ( 10 o) 95 6
Suore Group (IOp) 43®

Suttiiffe. S pea km an 42 (Ef*i
Surer Electrical ' 5 oi 84 s

_ . _ . 5 HO 6 . Dfd.

(5oi 54. 9’jpeLn 127 9 (5/1)

5v*re* ■Hearrl 23
Sritene 1“5t (4T)

Symontfs Eng. (5o) 6 ':

t— u— y

1ST— O— P

(to .05)

3t

NCC Enerev MOo) 89 90 It 1 2 3: 3 4
NSS Newsagents (IOp) 14S
Nash >J. F.i Securities 45
National Medical Enterprises

9.15 (31/121
Needier* 72 i4'1i
N eeosemf i«i ; 5 <:

Nell Spencer Hidgs (IOP) SOU 1
Nelli (Jameii Hldos 36 7
New Euulument II Op) 24 fS/1)

Newarttllll «E11 445 50
Newt told Button Hidgs 45
Newman Ind* 9
Newman-Tonks Group 53 u S
Newmark (Louis) 310 (6/1)

News Intnl 100

Nlrholt U. N.I (Vlmto) 185®

Nippon Electric (YSOi 195 6
Noble Lund (IOp) 10 (4|1»

Norcros 89 % 90 1
Norfolk Caultal Group (Sp) 24>4®
Normand Electrical Hldps f20p) 30®
Mote* Hydro fNKr 100l 37)* (4/1)

North (M. F.t <10pl 33

Northern Englneerino Inds II M 1 - 2

htorthera Foods 141 54 5 7. New 151

Norton Wright Group r)0o) 34 (411 1
Norton rw. E.I rHWgs) <5p> 5 I 2 (6/1).

IlnrPt ieii 80 (411 1
.NnrflnBhtm Mnfg 124 5
Nova ijrrsevl Knit f20pi 80 (4111
Nurdln Peacock MOP' 134
Nu-Switt Inds <5o) 32's Sig
Ocean Wilsons ttlldns.i -r?0p) 40
(Veans Cons. Co. 4J (5/1)

O^ee and Eiectrorlc Machinn 285 90
0 '5,.Swa" Hotel (Harrogate) HOB) 68 70

'6/1 !
Q"w

Nra.V^T 102 ra «* A

"ilvra IJraer Mill i20p/ 24 (5 I)
Owe-i Owen 208 11

Tace <1 Op) 19

TSL Thermal Syndicate 91 2 5 1.6 1 1
Talbex Gtoud (5o) 51-
Tarmac (SDpI 400 1 4 5
Tate Lyla 2C6 6 9: 9 10 IS 1 21 2 St 4L
ISpeLn. 90!; 1
Taw of Leeds 78 <0111
Taylor Woodrow 503 13
Tecalemlt 42 3':

Telefusion (5n) 44 l6'11
Telephone Renters 317 8 20
Tetios Hldps i20p) 26 >:i 6. Now (20o1
(FPI 27'-. Do (Nil PI II. 2. 12pcLn
(Nil P) 0l«

Tern-Consulate 55 1: 6t 6
Tract) stores (Hidgs) CSp) 50 >: 1 hi
Textured Jersey (IOpi 88
The Times Veneer (5c) 5 6
Thomas Nationwide Transport (AS0.50)
147 (6/1). Do (Nil PI 109
Thomson T-Line Caravans 44S (611)
Thorn EMI 457 BBD234S67
a: e 70 :. 7pcpi iib s i< 20 1 is

Thu roar Bardex iIOpi 10 1
Tiger Oats National Miltins (RH 610
(5(1)

Tilbury Group (£1) 297
Tilling (Thomas) (20p) 147 8 B SO 1
Time Products HOpi 35 (5/1 1
Tlteahur Jute Factory (£1) 37 (4/1)
Tarathu IF. H.l (5|H 18
Tamkmsans Carpets 60 (6/1)

T-A^.1 -Ml. 9 1_

Tootai . 32® 31':

Tooth'll IR. W.I 60

Towles (IOpi 102®. A (IOp) SB (6/1)
Tore 42

Titer Kemslev Millboortt (Holdings] (20p)
69 70 1 3 <i U 21 2 i»t
Trafalgar Hoose (2 Op) Bin- »n 9 >j loot
100 i- II-
TraBard Car

TraBord Caracas (Hold log*) 14 (5/1)
Transparent Paper 27 8
Transport Develop. Group 63 4 h
Tranwood Group Bp) 9«r
Travis Arnold 161

Trident Tele. A NV (IOp) 651* 7H 8 *it
9: 9

Trtefus 62 (611)

Triplex Foundries Group 231 3-64ttisl TH
8t 30

Trusthouse Forte 111 9 20 1 2 31
Tube Invest. ■£!) 122 3 4 5 8':i 7 «:t

8 . 6 'zpcLn. 80']

Tunnel Holdli

lings B 525 30 5

Turner Ncwall i£1) 81 2 3 4 5 L-t
Turriff Core. 120

Tysons i Contractors) (10M 25'j 14/1)
Ty«ck (W.) Sons and Turner 37
Tyzatic (W. A.i (IOp) 16 (4/1 1

114

Panjo «P.) Co. (IOpi 14
P ? 51 | kn ° 124 18 ’*• A.Non.V.

Parkland Textile (Hidgs.) 38. a 38

Paterson Jenlri 72

^10rt"'3S OCh0n,S <,0rt 131 3 ’ A.Non.V,

Pauls and Whites 182 3

Praree (C. h.) Sons 855

Pearson Longman 170 2

SareJS-' Son 208 9 11 2

J^eJs NJdns. (7 di 7

Pesl (Hidov.i 114: s:

Pre-IMS 93 4
Peg ler-Ha tiers ley 176

l&StoS&aRii* H ' d5fc ,TOp> 7 ’*

Pentland Indus. (IOpi 66

Pentos ,'IOnJ 14 6. Did. (20pi 15 (8/1>

P *'r? (Harold) Motors 81
“e’bow Hld.ss. (1 Op) 65 I
►ft Stores fiooi 7 T a

„«ra. nztjp) 66 7
Phleom (1 Dpi 21 *■ 3*

“nlrrm BboPf. i£1) 70

gS!!!!£* r lnante SNiPtLn 43 1, (6/1)

^ 1,7 s L! mos HWP*. 440 5 7 B 50 2
Phillips Patents (Hides) PLC 25 h (bid
P hoenix Timber 07 90
Photo-Me International >50 d) 430 ( 6 ( 1 )
P'rklra (V/flll^m) MOo) 61; 7 131/12).
A Non V. (IOp) 3 16 / r>

PlfCU HldPS. (20pi 215 ( 6 / 1 ). A ( 20 m 213

( 6 / 1 )

■6113

ESiST) ^, r£n M7 8 80 s «* 1 a

Plastic Constructions HOp) 27 I-
Platignum <5ui 6';

P'avton's (GB) 124
Plessurama (5 pi 301 5 6 7 8 9
Piessey > 500 ) 356 7i 7 8: a >: 9 60 i
GO 1 2t 2 3 4 5: 5
Plysu '10oi 103 4
Ppcftln'j 210

Pollv Pert. fHIdgs.) I5pi 367t 7 70 5 5 80
Portals Hidgs PLC 517. ObocUns.Ln 136

Porter Chadbum i20pi 34
■Portland Hidgs. 16
Powell Duftryn (50pl 230 2
Pratt (F.I Era. 77 (5/1)

Prcedv 'Alfred) Sons GO
Press (William) rlOo) 62 >:

Promt Hidgs. (IOp) 33 I 4 4 5 (5/1)
Prestige 124 (S/1)

Prcstwlch Parker Hidgs, 28 (3/11
Pr/est (Ben/amlnl 36 6 9
Prince Of Wales Hotels 48 SO (8/1)
Pritchard services (Sal 174 5 >.- 6: 6.

New (Spi 174 16 /D
Pullman iR. J.) (5e) 43 «»s
Pyke (Hidgs.) (IOp) 53 <4/f)

Q — R — S

Queens Moat Houses Bgi 33i- 4 : 4 1 - 5 .

10'iocUnsLn. 125 lB/ 1 )

Quest Automation (top) 88 92 b 3 4 5 6
7 8 tOO 5

Quick (H. j.) OOP) 41 3'::

R.F.D. (IOp) 42 1811)

Ratal Electronic* 425 6 7 8 9 30 123

Radiant Metal Finishing fl 2' so) 55H (5/1)
Ralne Eng. Indst. (IOp) 12), 3 u <>
Rjrrvar Textiles iSd) 7>:

Rank Organisation 172 4 S $ 71 7 at
a 9 BO It 2t lit

Ranks Henrtj McDougall S9 ij 60 US h
111 '»!

Ransom (WHKim) £ Son dop) 234
(S1J12)

Ransome Hodman Pollard 66 <« 7 B h-
DucLn. 1984 82

Ransome Sims 5 Jr (Trias <£10 146b 7
Ratcliffc (Great Bridge) 64
Rainers (Jewellers) (IOp) 4t> 1
Rtybeck flOp) 38 40
Ready Mixed Concrete 203 4 5
Reckirt and Cohnan 248 9 50 2 4
Redfeum National Glass 420
Redlttuaan ltd
Rcdland 15a 2 3

Redlanp Finance NV (Br Wt> ra sub for
Ord of nedlaod) 59 'j. (K1)

Redman^ Her nan International dopi 44

Rued (Austin) Group 65. A Ord. 57 80
Reed International (£1) 244 fi B 1U
SO! 50 2 4

Reliance Knitwear Group (20 u) 25 'a (5/1)
Relyen P.fi.ws. 102 4 15 m
Ren aid (£H 37 8 9
RentoHl Gp. (IOp) ISO (6/-1)

Renvrick Go. 84 <60 )

Rostmor Go. 52J 'kJ M/1,

Rcacmora 19. lSpePf. (£1) loo
Ricardo ComulMra Engineers 424 7
Richards rtflo) 16't

Richardsons Westparth (SDp) 23 4 (&/))
Riley re. J.) nop) 87 8
Roberts Ad lard 106 (6/1)

Robinson (T.) 54 S
Reck Dirham MOpi 9 10'j y
Rockware Gp. 31 r. zs 3
Rppner Hidgs. 205- A 196
Rotaprint nop) 8

Rothmans Intnl. B M£>tP) 72fc 3 ij 4 u

Rotorfc (top) 46
Rowan Boden 26 (4/11
Rewnnson Constructions Go. nop) 43
(6.1 1

Rowntrce Mackintosh c-SOo) 1G2 4
Rowton Hotels 137
Royal Worcester 165. 8 75
RuburBfd 89

Rugby Portland CemofH 79 U so 1
Russell (A.) (IOp) 138 40 (S/1)

Ryan (U> Hldss. (Spi 1««a ). 4 ) z

5GB Gp. 138

SaatcM Spate W QOo) 380 3 5

Saga Holidays C20n) 142 3. New <20o)

UBM Group 51 •: 3
UDS Group G6 7 8 9
UKO Intel. 32 3 6
LIU Textiles 12
Ul«er Tele NV A 63
UnlUex Holdings IlOoi 28
Unigate 105 6 7 a: a 91 9 lot 10 It
1 2 3: 3 4 ; 4 S; 5 6t 6. 6>ipcLn. 99*
Unilever 590 600 3 4 5
Unilever NV Ord Sub 5|« 18.7
Union Steel Corp (of South Africa) (ROJO)

44 (31.121
‘ Kb HOP) 205 10

United. —

United Biscuits (Hidgs) 112 3 4
United Camera POpi 152* 3 i*± 5
United Enulneerlnfl Industries tlOp) 257
8 9: 9 GO 2 3
United Gas Industries 76 (61)

United Guarantee (HMgs) (Sp) 13<i (6(1 1
United Newspapers 175 (31*12)

United Scientific Hidgs 570 5 80 5
United Spring Steel Group nop) 19
United Wire Group 84 5
Usher-Walker (IOp) 55 (441 )

Utico Hidgs (Ri) 135

valor 60

Vantona Group (20p) 115

vecti* Stone Group (IOpi 29.

Vcrccnlglra Refractories (R0J5O) 400®

vibroplant Hldos 178

Vickers (£)) 146 7891: 50 123

v'tior Products iwalbend) 11 a (6.1)

Vlners OQpi 5 8 (6* 11. Onl flp) 4U 5

Vinter Group (20P1 200 : 'l 4
Vitatron NV (FI 0.25) 57
Vosper 135 8 48

W— ¥— Z

"W" Ribbons Hidgs flOp) 131; (6,'1>
W.GI. 1 07J 8 10 'j 1
Waddiraton (John) (25pi 93 4 6* 7*
Wade Potteries (1 Opl 30 2 (6..I)

Wad kin 15001 60 3 .

Wajbn Indstl Hjdgs 64

... Homer 8'i
Walker (C. and W.I 25 (4|1)

Walker (J.. O.) 78 £5/1)

Silversmith

Walker 1 James) Goldsmith
EH'; -V. Non-vtg 55
Walker (Thomas) 9'i (4/1)

Ward Goidstone IQS 6 7

ward Hidgs 'JOp; 46® Did (IOp) 34

Ward rThos w.) 229.8 u la 30 1. 7 'me

UnsecLn £18_

Ward White Gro 47
Waring Glllow 1 IO
Warner-Lambert (51) II (4/u
Warrington 'Thom.iM sons 66
wassail i,T. W.) (5 d) 30 1 isn)
Waterford Glass drfD .051 I £0.255

Watmouahs 1 Hidgs) 178*9 82

*10 (BIT

Watsnam's *1.

Watson Philip flOe) . 56
Watson «R. Kelvin! HOW 67 <5M>

Watts Blake Bearne 1 G 8

WTearvrejJ (5P) 54. New Ord f5p) Nil)

Wehstera (5p> 39 J* 40 (-6/1)

Ksersi 77,? - a

Weir Gro SDh T'l] _

?5p) 17JU C6*l>

(4(1)

B

Wellco Hidgs .. .

Wellman Eng *§ ij SO
West Bromwich Spring (IOp) 1
Western Board Mills HOp) 14t
Weste rn Selection Devet (lap) 37 8 9 41
Westland Aircraft 114 5 67 8
Whetilngs 20 2t
Whatman Reeve Angel 198
Wheeler’S Rests MOpi 3 JO
Whessoe 156 9 70 I
Wheway Watson (HUBS flOP) G
Wtiftccrort 56

Whlttlngham (William) (Hldos) (12>iPl 137
Whittington Eng S3 (5(1)

Whitworth Electric CHWgs) <5p) 108

Wholesale Fittings now t98*

Wlgfall (Henry) Son 140 (4/1)

Wiggins Group (IOp) 87®

.. ns and MKcliHl 1801
Wilkinson Warburton 78
Williams and James (8ngn.) 74t lit
williams (Beni atm Co. ilOc> TO (4 fj)
Williams (J.) of Cardiff 16 .

Williams (W.i and Sons (Hldgs .1 22
WIHs (G.) and Sons (Wdgv) 664
w.isop (C ) Hidgs. 178
Wlmpey (G.) 94 5
wo/uicv-Huohes 305 13
Wofvertiamoton . Steam Laundry (So) 52
Wood Hall Tran 144
Woods «. W.) Groan QOg) 23
Wood head (J.) mm Sons 34
Woodbause and Rlxson (Hidgs.) nzi.ro)
151-

Woodward (H.) and Son (12fiipl 194
Woe (worth (F. W.) 46U 7 i t g h
W orhi ai ds, Walker and. Atkinson 8
Wva« (Woodrow) Hidgs. 8 10
Wyndham Enfi. Co- 09p) 69

Yarrow and Co. KOp) 293 3451 5 * «!1)
York Trailer HWgs. «Og> 14
Yerittyde ( 20 o) 239 ( 4 / 1 J
Yorkshire Chemicals 39 40 Ht

Yorltsh/re Fine WooHon Soh w re ra /20pl 24
- - arCOJS)

YaugMf

lr£0.Q9

Carpets (Hidgs.)

ZMteri Group C5 p) Wi 5 h (Ht)

FINANCIAL TRUSTS (320)

Artken Hume 160 7 u 3kt 5 7 9 i>],
.Ln- £90 1

Akravd Smiths rs T60 3 5

lOpt

AraloJMrican ,Fln. (7I») 33 <31v)T2)
Amour tk. (IOpi 9h (Silt

Assam Trading (Hldasi (IOp)' 74
Ian Agrleoltaral (3A0.5O) 159

Australian

Bonusbond Hidgs. (£1) 95
fAiateod non) 100 1 41
BrldgW'-iar ■Estates (30p) 497 18/1)

Britannia Arrow Hidgs. 431 , 4 j, i ];

Sub. 123 (BID
(SI o' Abcrdonn Land Aaron. (3 0«) 49 s

Wts.

Financial Times Saturday January 9 1982

Stockholder* I w e i l mant ™Bt A3*

dSy “M a* F &“ g2T B tS re0P) M 5» , « ™

A (SOD) 558 6S re/1)

Dawes (G.R.) Hidgs. 12 (SHI

Bfgff’iSEKJ* '*<&*■ ««>

255 (5f1»

Electro inv. Tit. 5H} l 1 : *
Erai/sft Assn. Grp- ‘50 s

| ** s siw?S 40,401t

^S3.W. , il*ra9 80tao2

OOP) 17. Warmts.

f £

pSeSk l^maeMjnLnw 21

CfemaiHjy* ^ 79 1 *

TO* ST

ttsrsJE&F**

ass llm T«rt <ito) r,

tan

J G * G *gBJ !L*BA 56

Mamw §"•"? JTS* (ex dM 305|
tSS&S House S&fUp 7 10 3 5
M 7 , ,f °4 Alto Intern atloaal /SOP) 440

M 5 oU?«« M-MiiUh < 1W 15,3

Murray Teehnolosy *5 -<6«n

tesmsA ■ • ■

"SSTWaSjfi - : j"™* 0 * 1 **

(son) 92. Ynrams «

Wioon Finance COT -- g

Wefbecfc tnwe^nienti JJJP* ao »

Yb/o Catto and Co flOp)' 920

INSURANCE (364)

Brentnal' Board (HWw. OOp) ^
Britannic Aswrenc* f5WjZ5A
Commerelal Urlon AWurafiCO 144

* >1

Stlr 4 *tel5ln S 9S 6 3W f I i 17 « 9* 22t

society

9t

Warrants

ISuiw » nd Law Life Assurance
gS^I 3 A« S Flre and Lite Awe. Cnrp 304

Guanniai 9 Rcrral CnSipngp Assurance 284 6

Hambro 0 Life Assurance reo) 314 T
wrath (C.E.) caop) 278 BO
Hogg RoMnson Group 1M 5
H-Twden (Alexander! Finance

Howden (Alwander) Group dOp» H*8 h

LPB-ri° and General Group 204 SB 7
London am* Mane&Oster Grnut> 24 e
London United tiwestments (2 Op) 208 lot

Marsh and McLennan (51) 1*'z 8
Ml net Hidgs (TOP' 139 M
Pearl Assurance ISM 386 8 9
Phoenix Assurer cs 214 20 7.-4 5S
Pr>«Jefrtfal Corporation 224 S 8 7 8
Pefi'oc Assurance rap) 222 C5H) .
Roval Insurance 326 i- 7 8 30 2 4
s-dowklfc Group OOP) 146 7 8

Stenhause Hidra 97 ....

Ctcwar* Wrtghtson Hldos «Mnl zao ._..
Sun Alliance and London Insurance (£1)
PI 6 8 20 2 4 6
Sun Ufe (5p) 308 9
Wills Faber 365 7 8

INVESTMENT TRUSTS (383)

Aberdeen Tst. 126
Alls® Inv. Tst. 49 1 - S';

Albany Inv. T*t. (20p) 41
AO'lKt Inv. 95
Alliance Tst. 2*6 7 9
AIMfund Can. Shs. 170
Amhrase Inc. 60- Cap. 7 980 _

Amoricen Trust 59. B 58 (4'1»

Anglo American Securities 132 3
Aralo-lnrei. Inv. Tst. Asset 202®

AppIo Scottish 60 1 „ .

Archimedes Inc. 73. Cap. CSOp) 39<;

(6 m

Asset Special Situations 30

Atlanta Belt, and Chicago (IOp) 70 (6/1).

Wts. to sub. for Ord_ 13T,

Atlanta Assets 58 9*

Atlas Elec, and General 65 ': 6': 7
B^IHIe GrffOrd Japan New (f.p.) 97
97);

Bankers Inv. Tit. 71 (6/1)

Berry Trust 180 (4/1)
akheantt Trust 85

BOTcr and Southern Stockholders (lop)
79

Bremar Trust -53 (4/1)

British American General 48'] (6/1)
BrIHsh Assets M <; 5
British Empire Sec. Gen.- Tab C5P) 14
(31/12)

British Indnst. IM Gen. Inv. Tst .Dfd.

141. SfancLn. 148 (31/12)

British Inv. Tst- 179
Broadstone Inv. Tst. C20 d) 196 0 (5/1)
Brunner Inv. Tst- -74
CLOP Inv. Tst. 91 (6/1). Warrants to Sub.
37 CS.TI

CSC Inv. Tst. 104 (6/1)

Canadian and Fcroton Inv. Tst. 175
ra-i*!>l ard Natio-J Tat. 151.4
Captal Gearing Tst 42
C»rd1na) Inv. Tst. D*-*. 126m
r~ >r Inv. T*r. 83. 9prLn. 130 Qllria)
Channel islands Intid. Invest. Tst Cap.
'61 ) 1P7 (S/1)

Ch-r-er Tsl. and Agency 70%. AlgpcLn.
100

CC ’S HraKn Research Inv. Tst i£1) 145
'5 T*

C (n» B 22i CoTnMere, *l ,T,y ' Tst - 29 1? - Can.
C ! *v ahd Foreign Inv. 77 (6/1) •

Crir df London Tit. Dfd. 72 4 .

Cirv of Oxford Inv. Tst 94 (S.r1)

C 1 ? verba use Inv. Tst rSOd) 121

Colonial 5«s- Tst (So). 52- (5/D
Ttt. 248

Continental end Industrial

CanN-ientel Union Tst. 145 * 6 / 1 )

Crescent Japan Inv. Tst. <50pt 342 3 5
Itoae to. T*. Inc. C50p) 37%. Cap. (IOp)

Delta to. «BaS1/ 183 9 ffiFl)

Derby Tst Cap. ISOoJ 315W 6hUt
Dominion and Gen. Tst 252
Drayton Commercial to. 142 5
Drayton Coin. Tst 158 60
Drayton Consolidated Trust Otoe Acne

S«Tl99i”Sli” ® l - fc EI * PC80 -'
Drayton Far Eastern Trus* 79 91. Warrants
to sub, for Ord 21 (5/11
Drayton Premier Inv 1rtl« 193 4 7
Dualvest PLC tsoni 83. Can Shs £1 403
Dundee 5 London investment Trust 88 'i 9
Edinburgh American Assets Trow 92 4.
SpcCnvSubord Stk £1 348 ( 6 , 1 )
EndHtburgh Hivestment Trust 69
Electric and General Inv. 115
Energy^ Resources and Sendees (35) 4\ 5

Enghsh and Hitematlonal Trust 106
English and New York Trust BS 'i
English and Scottish investors 67*»

EngUsh National Investment Dfd 74 (Sri)
Equity Consort Investment Tnust C £10
126 1® 6 ® 'st®. Dfd. (50 p) 212®
Equity Income Trust (EOp) 272 S 6
External In ve st me nt Tnist <£1) zed (RM).

7pcCrrrUfrsStk 140 (91(121
Family Investment Trust 105 C5J1)

First Scottish American Trust ITS
Foreign and Ctrt Invest Trust 6f2h 3 1»
Fulcrum to. Tst. Cap. - Shs. (24 pi AU
Fundlnrest PLC 38 (6(1 /.Cap 109
G.T. Global Roc Invest Trust (£1) 76 V«
G.T. Japan Invest Trust 370 (S.13
Gma-ral Cons hwest Trust 105
General Funds Investment Trust 288 7
(4 'll. Cnv Ord IOp 265
General Investors Trustees 164 S
General Scottish Tst. 56': 7
General Stock. Inv. Ttt. M2‘jp) 168 (141-1)
Glasgow Stockholders Tst 74 ( 6 / 1 )

Globe to. Tst. 134'i 5 81] 9 i; 40. 5i : oc
Ln. 107 (31/12). 6 J«pcLn. 142 (31112);
HhPcLn. 114

Gt. Northern Inv. Tit. 124 5
Gresham House Estate 203®

Group Investors 97
Guardian Inv. Tst. 99 'z lOO 1
Hambros Inv. Tst 86 7 »z B'x
Hill (Philip) Inv. Tst. 120': 1
Industrial and Gen. Tst 70. 4>:acCnvDb.

Inti. to. Tst 04®. Wrts. for Ord. -71
Investing In Succau Equities 281
to, T st. Guernsey (50p) 104 (511)
Investors Capital Tst. 106 8
J ,° ~ , Trt - 1 1 Op) 241- 5 bi 1 st 1 .

Ge S" '»** Tat - rei) 142 - ■

'"*■ " 0p> 42 <5/D- Can.
K eep Inv.. Tst (5p) 11
,94

Lake Vlqw Inv. Tst. 141

L i m don to. Tst 70
“riieirture Can. 141 3
l4da Inv. Tst. (20p) 40'ro

MS rTT38 Trt :- ,50rt

S5

LpndOii Provincial TstTSS 8-
L T 3 ( d T 2 ) ** V wwei » »™»st .(Sp) 1913
London Strathclyde Tst 7 OK

ti- 93

wss.r^ra,?* a **■ “■

London Ttt. 7-3 t

M_ and G DuaJ_ Tkt. ine. CIOoJ 21 1 4 .

rff ■ now )*** 4 tera a —

Tecfiaatogy Investment Tiwl >52 Wi) .

Temotetar Inratfiuent

Throgmorton Secured Giwetii Trait 2J

T^oB^orioe Tn rtt 'j Of!-,

Tor Invcftmeftt Trutt_ lOG-

Cap. eiOoi 222 (Stil

* iopi

Tst 69

K* ™ toest. Tst 54-la 5. eazoeob.
Merchants 7 ft B9 t,

Minerals Oils Res. w. Ine. tt0.4o) loss
Monks Invest. Tit 72 3

mSJISSI. 8 .°**2S te™*- 7st ffTW* 5ft H
5J223SJ* J"*"*- Tit 147
Moorslde Tst 66 1 6

M 64 r | y (^7 toest Tst 70. -B

Clydasdaie lowest Tsfc. 61 <S

iw^enr 1 " 0 ” lDVE8£ - ™* 1S1 3 - *

Northern Imast Tit ttl W+i)

B Un 7” (JinST T «-' TTriz 8 ig.

Nw Australia invest Tst CSOp) 102 3 4
N J 2 D * JlBn O** Tst 78. War. t» tub.

HSU Throgrnprtofl Ttt TB

,nr ■ tsl reap) tza. War. to

1928' Inv. Tst. 78 3

N . 0 ™! .Allantie Sees. Core. 155. 7ljpcLn.

Coo 1SI

™ ■ SSB? %wwi,T b( Tn

Sh f K1)

Trtploveot (50P) 85 6':. Cap »

5 PriHterty Share* (Sp) 1 Ti U

T^«"cSre S e?5Jg2> M

KS SSS SttJRuT-

WeBfra

iTs

UNIT TRUSTS (10)

M and G American 4®d Gavu Ftmd
H ah**^ Areerican Itefc find **C, Ots.
jJ 8 ,nd 1 AostraJasto end Gen. Pom
M^end^G Snv^TVast fW)d OuCs. Do.

J 2 |)d 5 G , OJv. Fund WM

M an* G ffxtra Y«W ,fle * **

G Far BBtem GUv.FaKT

M lnC *nd UK (S <51 Trust had (fit Uti

M a3 Snd S, G High tawe ****•' VH.

M and G Second Got. Tmt «md me,
Utt. ZSS): <4'1)

MINES — MlsellaneottS (219)

SJSbfTnTfeSh OOdrt <1P> •«» >* 7
M (Msd rw rt/M

Blsichl n-OW'S - 5 -,

Botswana- RST (Pu 21 10* (SH)

Burma Mine* f1g»> m <m m

j-harivr Cnsd Os) (Res) 24S * T o

Mfcan

(IOp) hz * ST

wwacri 7/™ r r

g so 1 zsi -do
El Ore Mining Ex C
Falcon Mto. 100
Geevor Tin 140 (611)

Gold Base Metal CI2hP> IO 1 *

Go pens OB?/ 600
Hampton GoM Ar

S'ptlra l»U°-50> 123

Kina Kellaa Tin 60S (671)

MTD (Man pula' (RSI)

Milxvsla Mining Berhad fMSO.IO* 95
Mteera'S Re*«m» <851-401 386 92 3

Norte g |CalCurt) (A5Q-3Q) 65 8 7
Northchert Jn*«te %..* < sn>

Northgat* ,Bq>lcr „<01) 240 (4/1)

Paringa MMra Bl (31/12J
Pmwkalen flOp) 290 _ _ _

R 9 to 30 l, ^ z1 f£r 1 ™^ SeV* * 7 *

SI-neLn £96 h 7 '*

■l *lt

418 20. S'rPCto! £96 h

Roan Cn*d (K4) 70

Slirermlne (IreaWW lrtW-07 70 X (ttl)
Samel Bed (Mill JO* «"•»

Zambia Conner (SBdO.24) 1*

MINES— South African (89)

Aralo jfuwericefl Cop/ Core (RQJ») SSI's

N n ^Sit5S*told Mining tnoJs) 3 17
Bracken MSwIRMO) 1 12 20 '

ggsisss r s s aagaiP fe

Coronati«.9)r«flc^_ WO M ^

DceHcrasl

(RI/ 840

Decrmtonutn

DrirJSitaCons. (RI) 522 V S23<4 £1145
□W%an~RanMs>oort Deep (81) MS

East Ip a i i ga& B M K lpglPe* M

East Rand Cons. (IOp) n
East- Rand GoM. Uranton

(RO-50) 310®
RBd. 511

East Rend Proa Wi», tRy"

UitL Oots- to Sub- %4h « II)-
Eastern Transvaal Coos. Mteea 6R0JW)

Elrotorand Goto Minton <R0^20) 220

Eilbura GoW M Hdng (RD-120

Free Male GeduM Mtoaa <R0J8I »•%

Goto FWds Of 5.A. (R0.25) 572 (5/1)

Gold -Ftetoi Property (R0.02SI 57p
Gootvtel Pop. Mtoes M

Hirmony Goto Minina tRCLSO) 61 Op 20 30
4 40 53

HartebaoPfonteto HMj 27

Impala Ftottnam
JohaiRMstiurg Cons.

aoi 335

txn S72k

..tnross Mines (RI) 511% 18 P I>„. ■
Kloof Gold Mining (RI) 530 £15.95

lS)V Gold Mines (R0.65J 1*6

t5?SS? ^

Lydenborg Platinum WDJ25) 172 (9,11

fi7^yraie Cknis.'~Mim iRO.25) .119V'3S

Messina fTrarwvaal) Dave. <ROJ0) 322
Mtotfla W U wawrsrand (W. Areas) (R025)

CTQ AJ)

Nik KWohiMln Profit, CltO JS) S5WI)
New WUMaMtsraiKf Goto Emar. (ROJO)
207 14/1 1

pTertdrnt .Brand Gold Mtokw CR0.50) * 34 h

PrsilMm Steyn Gold Mini ntf DULSO)
431 N IBM)

tt -'J’-jf.e

Rand London Coal (RO.SO) 73 (4/1)
Rand Lrodcn Com (R0.15> 121 ImB *

_ ... i -a 31 5

9 40V? IS 3 ~

Pand Mines Props, ntf) 305 (411)
Rondtontelu E s/3- Qd MHlHlO (R27 30V
Rirstentprij Platinum FfWgs. (R0.10) 212

c ? (te/iwi* Geld Mines rttll 15*

Seotnet Beeerfc (90.10) 390 5 405 (5*1 >
simmer Jack Mines (9)0.02) US
Scute African Lana. Em iilom . ntojs) 192
■ i6?1) ■ ■

Soothraal Mldos. (00309 -1G.S7-
emratete: Gew WMi« (RO.SO) 7. so®
Transvaal Cons. Lndv Epfro. (RI) . 25

can

U.C llivsts. (RI) 635 40 te^l)

Unteef Goto Mines Nra. <Z7'>

Veal Reefs beprin. (R0^50) 565 965V

£34.3

Veotersoost Gold -Mlnlra (R1> 435 toll)
‘ Mining 4160.70) 122

Goto.

* fe..

•a-.

*r-~.

*«

138(4/1)

Can. Inv. 106 (4/1)

N ?«S w .S , .,^ nwric W Ttt- 124 6.

SncLn.

.^S? e KS! d - lBV - T * t - 78

8if“K , & f a,i o 6 <s ''’

50 n ?6.1 )““** IW - Tst * 40 ,W ”’

RhSC SK 1 , Mercantile Tst 122 3Vt ^
5KT.fl4to and_ Gen. toJTst DDJ. 114 5
"Sg* NV (Brj fFiBO) 45.8. Sub^Sbs.
l°£9 -NatProv.Bfc.) (FIS) 455 9 60 B.

44s'"i5V1' <R “- ln O*® - Hflinetf). (Fi5)

Rminco Wy Sob,-5hs. (Reo.NatProv.Bk.)

(FI5) 44 B

Roqinev 7^121 .( 6 / 1 )

gteguard Indus, to. as

TM. 155

Prosper . Linked Inv. Tst - Oflp)'

Vlrtriomeln

We’kom Gold .Minlra CR0£O> 520ott
West Rand Cons. Mines lift) 116 M/1)
Weyrorn *rens Goto Mmlno (RI) 188
Western Deep Levels *R2) *31 V Option*
to sub. 415 (4 Ii
Western Hidgs. (R030) -22*i
wiokeihsak Mines . (RI) 13.95
Wttwatersranjf Niqrl (R0.25) 57p
Zandoan Gold MM-inq ntl) 480 (8/1)

OIL (638)

Anvil Petrolcem (20p) 725
British- Borneo Petroleum Syndicate - (IOp)

British Petroleum 286 98 3| 9 300 1
24 St 12

Burmah Oil (£1) 109 12 * T 82 I
Century Oils Gp OOP) 82 5 re.

CharterhalJ (Ss>» 57 2 3 'rf
Charterhouse Petrolebm 74 5 8 80
Dome Petroleum NPV 615
Global Natural -Resources War CJOjm •

540 .(5/1) .

Hamilton OH Great Britain C10W) 117 s
Hunting. Petroleum Services 204 5 8 8 ^:
Imperial Cont Gas Assoc HTT) 194 5 6 7 kt (
9 209. 8M Lb 871] 8 U 9 hv* *

KCA Drilling 64 5 6 *it 7 i-t 8
KCA Int 1183, 9 20 1 21 t ■

London a Scottish Marina Oil 385 890 * .
23 5 7 400. OH Pdtn tlDffl 9.4 (Sfl) - .

Mobil Coro C*2) 13

Oil & Gas Pdtn (50.021 33* 3164* 4 - .
(6/1) . , ' •
Premiere on Oilfields C5p) 51 2 h 3t 3 . r
4

Ranger OH NPV 390 405 *

Royal- Dutch. Petroleum. NV H10(8r) ^ -

S34N £17.63 .7 .0 v> ••

Shell Transport & Tredlna 386 7 I <■ 9 *7
9Dt 1 2 3 4. Ord (Cpn 166) 388 b * ,
TR Energy 7 W>,k (6F1)

Trlcentrol 226 ttt 8 »e 9 30 2

Ultramar 4 7 0 1 2 3 5-6 7 8 9 80 .V '

Weeks Petroleum (50.10) S3 JS p275 81 .’

>i 7 . • .

PROPERTY (410)

Allied London Prop. OOP) - 83 *i «i »j 7£ V
8>]PCLn. 97*2 (411) . -I

Allnab London 190

Amilg limited Estates (Sp) 2AU, u -

Angfo Metropolitan Holdings 80 £ . V
Apex Proa, nap) 122 am “

Ad u/s Sec. (5p) 25): (6/1J

Boinmont- Prop. 133

■tambro 327 8 39

Berkeley Ha 1 .

Bllton (P.J 177 BO .

Bradford Prop. Trust 176 80*

British Land 76 >: 7 >a 8 .. iZpcLn. 258
Brtxton estate 104 5 6
Cap jtal Co unties 107 8 9 1 0 1 '

Centra vl 1 ic/al Estates (20p) 189 (6/1)
Churohfturv Estates E25i* 5®

City Offices las st

Clarice Nidcons Coombs H3 4 (4/D

Control Secs flOp) 50 '3 VI I* 2

Ctmjitry„Ateiv Town ' Prop. ttOpf 48 7

Dacian Holdings 1«1 2 3 '

pares E*tete»,.rtop> 18V 9 -

EfiOlMi Property Coro 12 «cLa 86 I' .

tspIry-Tyas Property .76

fatete and General. Inve stn m uB COP) 5* k

-

:** 1

estates Property Imrastinent 146 6 •

Evans at Leeds 68
fgjrtM jte Northern SCI). 19S

Fcdoratvd Land 158 9 . *

£nm .Oaks (Westmont* (5p) 1 S^ 20 (8/1Jv 1 >*-• '

GreTO Portia Od Estates .CSOp) 174 5 *7
New (50PL174 6 8

... ^

^ nxn c* 19 *- - 5 -

C re enc oat .

Greyro** SSStiHOTnr las so RR
GuIiqImH Property 122 ®

CSpIJ i4Vt 6t 5

Ml)

iiw M

5 Vt - ., .

Mtpdji Wih-S '♦■•-.

Trwl

ICZ. 9*aPcln 182 31 - 5 (6/1) v - * .

LasmnraJ# Estate Cl Opl otPi.

^W«rttos. 1*t 4 l BVpcU
----- Jnvwtnjs 52 CSTI )

jrkatt ce» «e% . *

200 S (*W1)*” *6° *W). TOpeLpi, •

HiSB «? s?” ***

SI'OP Ftoprotv Trust 1XS. Bijpctn\ ' ~

i^on hwbv aort^so^wm .

??* P e 7 .8 » V*

GispcUnsJ.n.- 78 9S 9- VS 80S -V »«.

M i 4 M s ‘ turl(l “- BW us®. caT/aiwJv.

MSjSrateT?? 1 80 ^**" rtWS * ' ^

pSmR J'2* 2 * V 'l: ■*£***

- r

toBten Prop. fftoo 9V10 Ut U.h. *

5aw and

>nnUR« Merouiaie IwJOj. AJJot.V.

ftottlsh Eastern Inv. Tst- 76^ 7 8

Scotilrti to. Tst. 1 2fi 7

Mortgaae Trust Ml 2 ij .
^ffi^ftjtotionpl Trpitr (Er Canto) 97 8.
““ .98 9"

S ^g*l*/' Northern l u veyti n ent .Trust 89 >j

Scottish Ontario investment 79-19 (5/1)
SeoMsh UnKed Investors 51 2»i
Sroond AIRoiKe Treat 226
Securitte Trust of Scotland- 100 1. 2
S *?! 1 ** investmeot aOp) .119 rt»1)
sphere Investment- Trust, 144 (®nj »
Sterling Trert- 198 9. BpcL®; 1B87-92

Stprktelffcre Par east' Invest ; «1>. 107.

OP) 10 J. I-

RioaUan Prot» 46
Rorehaugli ffil) JZ5Q
Rush Tompkins 218
Samuai Prop 05 ' . ■ • ' *’

JWqtrMoUtM 420o) 3* 4. *

Stock Conwstan 325

V V 7m

Tgyf.Pty jPrap' (Wpi^B 4- V h “> '

i?eav .iv - -

93,2

United Real ago .

Warner e stata Hldps. 3®o- (6/13
-Wtomterd Inv. CZOp) 400TS/1)

''Vi- : ,T

38' 9* *

• r V*t

WWmn^m^tetesljsitf 1 »Lj »i A,

- W-ANTATIONS <2fl)

■f

/Vi:,

SF^Sr,'

• 9

Sr* -

V

j?;v

SjfsA* ;

7t > v. . *

*-?**

sjj 1 * N

> *.>.

" v - y *.

as *. . >,

*W,1 s

v :.^-

Cfs. L I** *
■>Vi

s 5 "■

J< ...

} 4« - l(|

it. »'' "

’ ***1,

.■&! J?t **%!

'*h *

r m?ef

'• - ; - +’ •• : •, . :• _ : .,'V, ', >' ■ *

• •;. • ••-SWg^S^ ' y. .— •'....'

TijD ? es -Sfipw* January . 9 1982

E8 ,

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a-^a
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fa«^d -ms****** BertwJ (SMfcW
Oww 1 ®* Rubber estate* nd«")*3

» Ettatra.f HJrt . 177 *

iswraftosi'44 csmSj ' v- ' : *
Sr Uwrtaix*;. BcrbH.. asMA/to

^sesa^iSir^

f * JCftiafa I nmnur lf^.1

20 t
Burtftte**

*tS.D

l£QJKto\ 9

(Systems) (lop)

■ 'hUJedlB m^tiopj B5fiJ^y«i'eS .S + anj
Morsa-Tee Hkta. tf-l^wS^H/lV •••.••

• * WS*f JW*. ciort.

yfwas «^4sip.w«E ?■:;■

• : «0W. 14Z

; ' T 'v^^' > oSSS^ , »^S3ii^i^').lS7 (4(1)

- ; . RAmwAYS im 'y

-- Canadian- Pit»«.^cai .17* IjBiJ) .;

,- &H3PPiNG;XlG0>

: Caledonian- |m«M..2M (ftl) f J .

- . -Common «ro*- <SOp> 250® - -
PHhcr (James) 5WS-140 --.

. Grtua-Uraeo Shipptop C». -<SJV £23$

HBnlteatabiomvr'flSMi- f v- :

W* -Of -Msn fttsem Packet jfl) -147. 50
• Jacob* {JchUT l.)(Mq>) 34 h.

" London OsMgus PfOWiOm. 52/ "to 3
LW* ahwfta- aMto- 0374 -S 7 300 . .

- .Otaao TjTMtwfr.rradtav >oa a,®..-.-

Ronl/uulai- Orient Staui j N«r, : DM. (£1 Y

' •• 6 3 ^: ,S 7 r f *** '».« 5 -Jiff fit

Rwrooo SmWi.'Llo* M£Os) : 1 03 S cfidl?
A Nen-vm: (sooQ-02f i •
ipfaice^p®? - a -_:-

- : TTCEUTtESCM) ‘

An4j» anot-piWfn CoriiWRea' Qtt

trocar OIM A On*. IDi) <4)13."

[•Ctrftlty A tt1»-63 90 (Sinu

■ I-'

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•■ 5 *fm Igl

C.: ,- ,.- - U».

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v *v " *£•.*, '

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v m -::? ■:!

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.• •-• t-j-" ct

w r *

-Mersev oockc-^nd
AillWrd -: Dock* *

Ship. t05

Wsco .WTi2r 1> 7

UNLISTED SECURITIES
. : . : "MAjRKET (128) '

A^and G'Seeurttv Electronic Mew tSw 82

A cal* Jewellery . (10 b»:. 7T . s' a. rt'ii
AerespAja -Eopioeeftas ,f»t ■ •

*■ l®ij '21

137 9$ 401

*»■%

40 2

.t!? 5 tte) 1 ” 111 De * i * w * «’»■) 2o>,

UMprrr eyihi 40 .so 73
(-•ou. ReMwrcea

Computer*

CCP - North Sea AuAditic "ten v

: 15^ .£&! n^*cioS 7h\\ M3 2°S

s ^ r ^« nibs -ii
Dd^ir .Group (lii bob . •

Damon -Group- <5p> e gt>i& •*

fn*raS rB 5i ■1lSE l,rlt j!* Cgmwnv 204 7

«!tr«_Pln*nca Can Trust H dn <JOul

■#*» ’MS-3000, 72 SwT
|WW New nop) 820 30 ■■
-|uiMini N|dgi (20o> 1 0 -S. A
*l5fi r (4?1) d ' nfl * C#B *Wi , «lS*. GIOUP Q0D3
Sfysf *t,OH 103 6 •

pfSSi %?■!. Lec *»' tsp} 8t> (Ani

EsKl flom.TOC

Failee Smith Tamer A -OMl 400 (S4»-

G*C C«i Acrew t20pi 410

J 1 ! Group New -OOP! «Jj

" nM^ w,Ul Cabtt commtwicathjM 40
H*efleqwrf properties New «0p) SS^ 6

H^S!? -STS'* «®U *>2 : (S/t >*

Jj*nw TiMffl Mon OOpI.AI ts.nv .
HaVtere ££T) TSS (Sfli •

Hcekunat Hid us nop) T08 S
{Jwefli Motorcvcte 730 di 48 (Mil
W*|Wl ENctrwOc controls eiOn) 18

JOC_Oli Services nOfO.'ai <4fl> .-
, .^SSP 1 ' Group (1 Opt 94 S

jackton £»»toraUOn 1QS 5 7 0, lO
Jarpinnt t5pi ■ 5« >j Wjst .
Jphrggoem/ Taints ■ tfOtf 7*. (#.TJ3 .

Kennedy Broaleaa (JOpr A57

tomlon CrwOnenCU’ Advert Hkk» aOp)

^^uu v iei %sr

McUntrtilin Hum 75 Wli
MartheeDi 5roorferec (26 ■

Menvd<nvn -Wine -44 «f1V •

■MnUI Bulletin nOp) IDS *5:1)

MJemflim Rnproaraphica norfl so 3 f4.t3
Mk«»nd Mam M .

MpiV (R. H.) Grout) (low 34 f5‘1>

New Court Natural Reiourree. (Bp) 38-9
oi. Warrant lo sob lor Ord V
*?* Intpraalppal HOJ20} 145 50 Jl*

OWhanr Sr* wary ©pi- 90 Z
Parltfield founOnea CSOL IS '.

Pla Petroleum. iil). 145 6 . SO 15.1)
Renant Motor ^©p) 81- ...

Rolfe -NoDnt Co m puter Service*, (top) 53
w'll - •

Sssethwcat ConaafUdatad- Resources flop)

Sara papa. (Jim) Rubber Plant*. C24o> ,14ij

Saxmf aU.(5Qp>.65 (6/1)
scan D«ta, inacmeno;

SefecTV dOp) SB

a ami ciOp) 1 DO s to

-5owv«m on ssi

molco (i Op) S3

J4'13

SUnuko flap) ....

TaSevtaion South Fiopi 32
Thames Investment* Sec* jcu 140 (Sli'lZ)
Thorpae Group ©p) 86 ism ■ _
Trtacnt Computer Service (10p> 10ft 31

TrSt Securities Hldos «Oo) 322
•Uglted. Ceramic Distributor* (MW 48 V

Electronic Mldn <20 W 27 <8M)

United _ Friendly _lnavr 8 (1 Dp) 223 7

Unjud^Eli

V f Iwf d 79 f f3K'l»

Weiiw- Electro Component* n2'K»> 97
WMlalre Systems MOpt 14. Rest. Dlv. 7t
ZVBol Dynamics (Sp) 90 (511)

RULE 163 (1) (e)

Bargains narked in securities
which -are quoted pr listed on an
Overseas Stock Exchange,

, h»«n M$ti currency.

AhraihSj dll 1 m'fnn 12 <413)

Acmex 45

Aainlco Eagle Line* CS6* (4(1) ■ •

American cvnamid £JAi« «|1l
American Standard £15 ■■

American Jeiep. and Tcleg. £311* 4
A moo Eat pi. 200 <5111
Amool Petroleum 105® 6
Anglo uaT D

anton Minins .62 .

5?!

I'intTe ^Eji%lf > fjl f 123

M/13

Australian Foundatlona I nr. .

Aun. Cons. Min*. 904 (Gill
Aust. Con*, ins. 1 04 tSnj
Amt Devs. 33 (4/11
Australian Guarantee Cars. 144 ra/1)

Austrai

Austral

P

Ian

Shala and

rsn j

(Barhad) 215 M/1)
' i5/».

» r «

Sarrymto Zxnl. Bh

Basle Rex. intt.- IT"

■“upt ekm. mo® rsrij

liSSMr

Bond Corn. Dots. 6
Bougainville Copper 690

Br'rioe , ofr 1, 252°4 go

m W 111 - .

Ca^d. North west Aust. Oil 10ia uw

Carnation cui. <s*1)

Carr fiovji Mins, jg fed)
tlemafne Tooheys 222

Central
c 0^92 r

123 4

cities Service £24 r ; ©1)12)
C aromont Pots, 7B 9J I,- 80;
CluB Oil AusL 39>a <6<1)

entral N ws|rnan_ '400 j o <8/13
120 <6)13

Mins. St 2 5 6.A50.91

2t

CluB Oil Aust. Opts. 2 7t
CODOE AUSU 3*1! 41< 1;

CM*. Geld Minim) Areas (A50.1S) 4U

Cons. Gald Minin') Arm fAi0.25> 4U
Com. Res. 6 431 II Z)

Cult VS PaCihc 23® 111 2 S -"ut 3
Deniton Mind £14'a
Devut. tank Singapore 14.19
Diaipil Ban [ament USusii '« am
Double BEglc 41 -40>; 2ft
Drosser inds. £18 *

EZ I ml*. 260 <6(i) . .

ITfiSSJUl'* 9

43 15,11 ■

Emerson Electric Mhj
Endeavour Re*. ZZ'i stem

Esperanto Mins. JO (5(1}

Buracan Ventures 44 CB<17

Sara" Corp, 418*: '.4/1)

PMirtniW Irdl. 540® <31)12)

Flair Res. 170 7 8 80 77; Tl .

Porsyih Oil and Gas 2 w 1411)

Gem Bxpl. 5 74/7)

Genoa 011 120 >6/13

Gcomcaf 9® <5fll

Geitv Oil £32h® iS‘13

Gold Mines Kalaoorlie (Aust ) 360

Great Eastern Minns 91.

Groenbuibsf Tin jasd.IO) 8a IBID
Green vale Mining f*VJ OS odl 1 AO <31/123
Gull Canada 760 BE iG/ll
SuHstroam Ret. Canada 260® 60 CM. 10
Na nu Pea. 20 ram
Haoma Gold 32® 29 32
Hannen energy 370
Hiqhveld Steel 200 <6/13
Hitachi 159 60 (EtIV
HOOKUab'. Mnlrn E19S <5/13
Ho no Kona and Kowloon Wharf SO
. Hong Kong Land 87 h Bit 9t
Hong Leong Credit 180®

'Hootarr Corp. 83 <5/13
HOTPital Co. or Amerlcj US534'VP £17'<

Hudsons^ 5#v g Oil and Go® £21 V8 20

Hutch bon Whampoa 163 4<* 6t;

I AC 350 tarn

Imperial 0>1 A Con. £10V (6/1) .

<C< AnM. 107 <«/f)

Inland Natural Gas S4S (SID
Intnl. Mining 72
Intnl. Mining 22
Jntnl. Frlroleum 17N® C 6>-I
Jardlne Mattmon 175 H 1 3
Jarriine MnWeson Finance Wrm. 27 <bh)
jurying - Mrthmen Finance 9i>pc Gtd Ln
1084-95 £5 <6M)

j ardlne Secs, tsa >

onnlnot 90 16/I)
iimhnrlana M<ns. 30
Johnson »nd Johnson Mth
Kerr McGee £1BV «a/l)

Koy West Eypl. GH ii| A
Kla-Ora Gold B
Kullm iMalaysla) 58
Lelchardt Exuln. 12® 13i:« 141
Lend le^c* SB
i.nnnard 011 29 <6/1}

MIM Kings. 178 9
MacMillan Bloeoel SlO<: C3l;l2>

Magnet Metals 11 Js iz -
Malayan Credit 90®

Malavslan Plants. EG
Marrathon Oil £41’- isru
Marks and SDcncer Canada 355 75

MeeluUurra Min*. 498® 85 90 S 500

FT UNIT TRUST INFORMATION SERVICE

offshore &
overseas

FORDS

Mkt. ft— it— t '•'

'taMftdr 70ft> a000 Manicii 1, TMr 52*269

Mapir Anil Minmniirt UafM

Hdkr.W

S.C. prw OtiBfBHem 5JL

-fcr

«2«

Eurape-OtABStieM J

LzbjmU Joseph A Sms (Buermey) Save ft Prosper totemUesai
Hlnel CL, SLPmer Pod, Guermey. 0481-26648. o^lng^^

W728$! >n *- Stortlaia Fund |d<L23

waq — I -

,HX28

USS45J8

CwetK-tavestMits Ltd.

wsaffw - n «?«•

1 iwt

139 King ft Sftazsen ft tn*t.

Eumtartor.Fund — fm8 109J| | —

F ft C lftmL Ltd. tar. Advlurs ^ m g.

LlronnblvMU W^^MpPwSSmg 1

. Ttt._

im se&avsvi

v6i. Keller, Jersey
grad Ihto ert Ftawh

SFSL3S™._.

Inumatl. Sr.**_

Far .- -

North Armkmt-
Sepro**. Z,

053473933

-Cm.*.

75u

~ ?jL ft »7ysi. Hcfley Jersey ■' 053473933 FMaBtp ManratfiMl Ltd.

.-S^^ag iflESCT 11 - 1

, rg-J Ummtot -:r m4 «t Uey® Bank W1 Guraiy.

Mu Wmy 4r «en Iwr. (4»t ICJJ ‘

^lChartaiCnst.SL Kribr, J« v C.l. 0534.73741

'«Mi iRtwrodtoMl DgBar Rvvm.. .

1.

. ItartbuOro Jan. 44 (0080642) (U4% MJ - *WnS.

.jMHtMflki <ftU U>t (iXeKW FleMn* Japzii Frntri 5JL
PA tax 2S4;SL Hfher, iertjrr. _ 093476077 37, rat Notre-Dnne, Luambpnrg

‘IPhAM n.5 ^.| .USSKLtt 1 —i —

FmUmt Treat Hirntmciit— GmbH
Wksenau 1.0-6000 Fnhkf vt

%sm =

Frte WarU Fimi' l/HU..

ButtwfMd'BId^ Bcmada. -

MaviWp -n | USft5L32 (-UH. —

«. T- HftMTOBmnrf (U.K.) Ltd.

BBgJS-

K Ww i i rt Iraus Groap

2S.Feadnth5L.EC3L

Can tu wd H y**r*t P05J2 11L2| -Kft —

0J7

*“Jw a. “*Jn TfWeddr dURfigO B*Ur Bulbs.
Schrader Life Grstip
Enterprise House, Portynnuth. , 070527733

Karos UmiUMd Tout
Fund 11*04: Korea ImnsL. Trust Co Ltd.

HMrrSdwderWftro ft Ca Ltd

NAV (Won 7258£Z) I DR Value USSUQOQjOO %

Schroder MapL Scnricos (Jersey) Ltd.

P.O. Box 19S, St Heller, Ju&x. 053427561

n. — 1 “

January 8.

120, Cheapdde, EC2.
Am. Imr.TsL Dee. 30.,
Aslan iy Dec. 21 J
CtmwsUe Jan. 7|

: uSSSSTul^ “

^Wiassa? TKgMI?

Hr Korea Tmt.

W&vS&ti bwcstpioit Trust Co. Lid.

PKI BtMUft 1-124 YoUMfemg, Seoul, Korea.

KAV_-_-* | US$14.95 1 1 - Trafalgar Fd- Dec 311

*&ASZ*

01-5884000.

n

-40

lari Brokers ft Co. CJmey) Ltd.
P.O. Bra 108, SLHcfhK. Jersey, C.I.

jiLftBL jnLCap"

.lot. Inc..

_ .. Urosqrl^jw. •
FA Bat 6$, 5L JMk Jtmy QS34 JBBOk

f-^aWt^f 2*0

'iMivB'URlftara-MafMliHM-. '

Z,OHnp«tMik.|Ma^JMM 953*73141

: :

Lloyds Bfc. fCJU U/T Mrs.
Wl95,SLHefl '

tec. Jersey, C.I. 053431361 Mnod- Cnmcy

(UOTjy 2&42T J 1MB £ (W Interest *

-4 14.40 iBfeg—

SlquMy.

Schroder Unit Trust IHgrs. InL Ltd.

8n 273 XL Paur Port. Guernsey. 048128750

ftOBwr 195, SL HeOier, Jersey .

Upydf Trust SHt
Next

,7

l 4»*e
©
dale Jan

0534 57561 Sc fcW er U6 Ars e t n c e leL LW-
Mood. Cumcy LB* Fd ““ " “

— 4 £Ffnd InttMe ft)..

, jsjB5»y&CaiJ

J tT.Aioaa tiwthH"

fiartmn li mit . lid. Ua. Ayts.

012833531

(C.L) Ltd. U> (U -

Ife:

Lloyds Bank International. Cenro
PA tax 498. 32U Genera 11 (S«flaer<Md)

iasis;£a=HBafl=i n

Lloydf Bank bitemtkmat, Cnmcy
P.0. Box 136, Guernsey, Omni bland*.

AloaanderFwd i USSH29 H>I7J —

net met <ata Jaa 7.

M ft C Groofi

Three Quays, Tower H1BEC3R6BQ.
Adamic €*. Jan.

Aartn&an Ex. Jat ‘

Gold Ex. Jan. 6— ,

^ACCB BL UriiK/. _J

(AasnUatot^nf

lEnottjOifeRl

_ (NMD (p>

P.Ol Box 32 Douglas, Me of Mao T*L 0624 23911

... ...S8R!iSt&»:"'

— : Asstcrawhsiil GENERALI LgA

-T.- P.a Be* 132, SL Mrr. Port._ftwr«eF, CJ-

ZUft

7 30 ftrtovWe Mos®g*raei<t Lbmited .

PA Bo* T3, SLHeAer, Jersey. 053473933

ffi— -gSS&S

on Jm. a tart dtd

Scrtatggmr.Konm-GH MagnL Jersey
LOtohig Cross S l Hedcr, Jersey. . 053473741.
SXG Capital Fund --PH.* 157fl — J — .

SKG income Fund. —.S/5 «3J — .1 9*«

G/kBonf- — WUttl J32JA 1 —

Sentry Assurance Intmrottoml Ud,

P-0- Box 1776. Hamilton 5. Bermuda.

Managed Fund {U3UMU 5J45H { —

Sign!- Life Assurance Co. Ltd.
01-6264588 2C Secretary's Lane. GlbraKar 01035073037

— GnwrtfiStutt^te Fif_)£Z16 2L16|-0 jQ1| —

1004 Sn«er ft Frigdtandcr Ldn. Ayenb.

-W 3*54 20.CmwoqSL.EC4. . 0L2489646

HA « r.d S

ftHamgencnt tnteroaUanal Ltd. Stntcflc Rfletri Trust Mngrs. Ltd.

Bk. of Bermuda Bldg, Bermuda. 80*295-4000 3 HW Street, Douglas, (CM 062423914

- „j _ Strategic. MetaJ Tr, _|USS834I 0.97ft 1 —

£i. 1Z00 StrorndmU Maaaoment Limited

P.0. Box 315, SL Heder, Jersey. 0594-71460

W d t and BauakTst. Carp. (Jersey) Ltd. CanmadRy Trust |23L72 141*i| — | —

2B-34, HHI SL, SL'Heilcr, Jersey- 053436281 «-*„»«. m--, * m

SSL^^l£taaSj7 ” <5j Tl J * % 4, HIM St» Dadgias, bleof Man 062423914

^ ' Copper Trust K3Z20. 32JH|+OJ06| -

Samnel Montagu Lda. Agents XSB Tnwt ^ (r i >

“S* 164 ” 10 Vrtmrf St, 5LHeB«, Jersey (Cl). 053473494

tdenBngAn.1

^ j-76

us RiicwnBJw.6.

Meet mb. dgy Jaa

Mahan Fi- Myn. (Gnwusey) —

POBoxlOB,SL Peter Port, Gnenisey. 04B1 23506. u 7 >S-d^.oI

jig “■‘ftt « i^fl3 d-S^'i™ 0 Safffc'S.’in* ILBI — i - Tc*n r»«c HoUhvs *.».

.

tSSEu-ijwiw - >0W - ^SIRLtSsS sa^s/ = ■ aim _j - T.ig. iteW c Wig. .iSMM.rd) n.v.

ftntwn S t dp W f»t tK' Utney) U* HntmTt iin, (r.u Ud. • Mrimy, Joknsteo* (Imr. Adviser) NAV per dun JeaA U5S67JS.

Wta^WjMCf^'.owm MrSEfcaroT ovaasn. SW’T'L « 041-2215521 6

W--H4.P ma 1 SfiS5cJ e n5«r-( — 2taw»^SLKdter.J<n*y. 0534373310

Cs. Ud.

FA-80* 195, HawWoo. Bermuda.

1 EquNy^ — WSFUfl 4T

WSgTac

CAL InMtmnts (teM) Ltd.

TOFaLjw.7.

Htt. tMastnatastv Jersey Fi. Mgn. Ud. « ; — ,

29/25 Broad St, SL Hrfter, Jersey. 0534700*1 VvE&mSn.T'

"flpadB. iSSadSEffllS#- 1

FA Sox 17ft UU^S"' 3% 0004122 4*6288 ' NgwieraM: BwtaR Anw|t .

BSSSSfeS=J® .3W=1. ^■■ga8Sg?- B!& wn

CapfW Awt JhaiftntUd ,

^^Jbe. SLJutom J* » qUikft

The Currency Trest _,tMU M7*| » — i. 0-51 Band Fit ‘

*Seb-

H e w d er sM AftMn. (Enermscy) Ltd. 'i , .. m hm..

3^S55SJT!^!3^ ass^aas*- 1 — i -

ILEX. Int ere it io peJ Ud.

P.a Box 119,. SL Petra tart. Guernsey, Cl.

CnpHri lirfemettenif Food !

AJBertaerad AoyaL.baiiMjgro :
CroltanMLPMl — USSZ6J6
Cwdriff torts Ma gBR emen t

OMueUta»SLlhtaLJ«ra. .

Central Araets^. ■■ - \u OJ-XL 2 waft —4 — -

UalWlMHI jBpIrit . ail., juinn

ltateroeeterRour,EC4 • - • . . OM48J999

= »ff«a t

, ^y nat 7 , T* :re ^tariSTlM^laxemlxiing.

-Iwlnshe ol SrtnlaBnr cterae. fWeeHy Oraflags. HAy~_ ■ ■ ■ - -J , USga34 | H Mjjk.; - Ortac — [ — USJlftW »— J —

hK Mu iL ft G. Im 6S; UdTSSho. - Unfc* InmL FX IfcwL C«^ SlA. Loft.

Condon ft Continental Bankers LuC

uneamstt

H&SamMd ft Gft ltansqr) Ltd.

Ir-

Mtawn BLeFebwe 5t, a.Ptto' tacLGuerosey, C.I. Pheeak tatenotigasl

ik T 75 " 7> Guernsey TsL im*.. 206J»4ft« 1« PO Box 77, SL Peter Port, Guera.

— J tnter-DoJIra Fued

. Hffi Saraoei hi v est me n t M|mC IrrtnL FraBmHmtf- ,

PJL Bw6XJatny.' . ^ 0534 76029

HSCfeaBnens-Fd. T _ni4A T.K4IB i Ufl Do«er FwL B4.

1. 6th-

s* jhoSx*

33425 P ro v i d uif -Captbt.Ltti Ass. (C.L)

(Mon-fimst/miit^escHsctan rahH
Postfach 16767, 0 6000 Frankfurt 16.
UNfonds-

8 MMu_

rireuU.

flC. Trust M wwffff. W.

IftSL Georges Sl, P^Rlas, to ML

CoroMR ha*, (toenasey) Ud. i
-F.Qi Bok' 257, St. WjhLfijWW .
tMrt ltm. RL^ , ^J227J> - 2MK9 - — I —

C*rien luMgafoB * .
ttdmmi Flvd tut. Hqn, UMri N.V. tnterheheer

ro»»*.iute*»^.»gg SSKSlffi' _

hrtcniBthHrit' SmmI Trwt

lfiF MMiRW Mt Sendee* Inc,
tia Regbkwv P.0. Bw 1044/ Capon
(oceniLGoU

_ -POBttcUl, St Peter Pert, Guernsey 04H 26726/9’ Vanhmflh Fund MtiRmL IntL Ud.

_ SMrflOB Bo-dFd.__y$J 47.® — f — 28L34HW5L.SLNeJJra.JMQr 033436281

Z^tgratlEM* VadtoghCtomcyWJUTJ «^U>

^Jran Cntsem ft Auocbtes Ltd.

nfos BLJBB k Ant waftag Jm Ji 4^Bs»SWeLLartw,WC2 01-3336845

Oorot Fnad ttan. <Jer«y) Ud. fm»n *. W VStUS -

”... PH Bex 194, $L Hdler, Jersey. 053427441. S. fi. Wuherg ftCg. Ud.

.... ... 30, fimha/n Street, EC2.

bwi. ss wi: w* —J so 'SS&lS Itz

1 JA Merc. Mny : *l^-

f-Wffl

Orittv/HrimM CmnmDdBths
.GfHham Street, ECZV7LH.

OW004D7
j _ 7 Ubra/y

SdmjBt, Dee.)

Invest Magt Jrsy. Ud.

SLHefler,J*y.Cl £53437217
MertLCrm.Jwi.5 K14.77 15X51 J 3.78

MS DMfsrht SttR UtaiUPlmji
fcmftmwd 121 6000-fteiftdnrt

S2S2™L-1 pwm sum.—

Nan,

1 ' • - a-" l :

P.0. Bn

.IJH.jBd.5

tMri Anri, iuMHtan MC bwtstment Mnnpm u retted _ eurfojS-l—mrn

|iitfni«J 1O37|-W0| — PO B ox 246, SL PttgPert.Gwwwr 0481^23021- Mert.Tran.Jm4— ptl5

is ifflSaSB SsJ 5 ^ssrsssrjr-

maUOtOOD MiRPtawif AdriTOMr-JBC. . (8DH9J2-7979

mraefroirt.Tnilt "iSlSSrBMBMriil- Ffta-Har-ML^TtaM. ' mMJKURfl . — I — WanfteyJaproTnnt.1

Kg Agents; -tames
Scenteg Ttaran i

bnkti investment MimRimnif KSzSS —

ICtoriM CrtRL SL ItoBra, J mhl ' 053473741. fiLO^wdlld.---]

i *' )•

fttwtsdMT

.MMtHMMijS »

Omfn i nUmnU n to M hw- W-

pa b« mu H » ft yggi .

HAVJmS— : -HWaiH 30J4««4 — Sfltl«BBieH8P-T-W.« J4W1 uk&teftiaf

■ ■ Vlelanrltifc St Pdee WRfcftWMRf; O^.dBjW. JartfiM n gwlHB * Cta W rararaeor

ftsstefid& 9 ra

/bBMQ ftMif W ilgtJiWjUX

PXLBox73,SLHe«wvJjmy. ■ 05347*03

.EIUXX- — ^B3W IMJj — i — -j.F.

' The InMbb AiMcMhM . ‘

. $

' ^^urnddiiiia.

IsntonAoegiafML

w Mchmond Lift Ass. Ltd.
4 HD Street, DoogUsAD.H.

Warid WUe Growth Ntanagemwit*

IQl Bnletani Royal, Luxemtasg
062423914 Worldwide Gih Fa . USJ13AT

hw. Adrj M. £ £lw. Mo#, UA, UodBn

nn Wren Commodity Management Ltd. ......

_ IftSLfieWsSWOmPaitoS^^ 06242SI15

— a .H mm Asset Mi— g mi en t CC-L)

Z PA Box 58, SL JidlataCL. Gamtay. 04H 26331

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“8tasssg;-i

oxo SESBg?Wttx

1X0 BeWamfnS

— EaawBiafcp

8

— Wren Comn»d.TsL-

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H19 PTKtoBjMetolFtoxJ.

— Vau^Hud Ctwhr. Fd._

— nmdWnmamFd.,

PAW driroSK

ata^r-

* 5J> " " > ^5S C aa -3-„—

— - -a j'aa^ss - #

ftULTebOL2B3240O ^ We dnesday.

NOTES . . , . .

Priia are to pence ««to» edwrohe Mftated.
VMk.% »wm hi last eota«xi)a«towtoraa hROO
expenses, a Offered pries* Inetoda ill expenses,
b Today's prices. * Yield based on offtr pita,
d&famtotf. g Tbdajrt: open tog wtej.
b Diflritoyon- free «f UK twes. 9 Periodic
MAton insmce plans., * Stpfte JBWto®
Kmnce. * Offered price todtdes dwwi
asm ag e n t’ s axranhsum. y Offered prtee tadudes
anewuctfbeuditifnogtiniwwmx pmmxb

dart price, f&wwy B*®- * Srapended .
♦ YWd brtre Jersey tax. t EjcWdMafm,
« Wp anuable tt curttable i

Meridian 011 194
Meals SxPl'i. 57
M«ramir,MJnfc IT
Mid BwrtMiro. %isio (fill)

Mogul Mining a5<4/1)

Monarch Pets. B’j® 8»i# 9'j to A« 10
Morris iPnnip) IBS®

Mount CanHMton it» W1)

Myer Emporhim 88 (6/1)

N^M<rt?| P l4 16 1 B <6/1>

Nicholas Intnl- 88 1 (4.H

sswr»ft-Bn. ,,

North Canadian Oils f.12 (511121

North Flinders 32,

Northern Mining 190 ffilll

Northern Mining <AS0 JO Pd.) 1 W (8/1)

North West Mining 23

Oxkb ride* 114 15

Ocean Res. 24 (6/1)

DXshora Oil IAS0.65) «/. * 3 l»

Offshore Olf (ASO.IOi 2S 5 i*

Ohio SO 8

Oil Cq. o' Australia 25® 4 *i
Oil Min. 90® 131 / 12)

OH and Minerals Quoit 11
Oil SBareh 15U0 15*: -r IB L
Oriental Pets, and Minerals V 14/1)
Oriental Pats- B l tt® >«

Otter Exp/n. 650 2

□rarseas Chinese Banking 3260 13 »Ml

Overseas Tst. Baric as I5t1i

Pacific COPorr 93

Palllscr ftes. 180. 2 90

Pan Paelhe ,

Pancantlnental Minina 140 6
Pancontlncntaj tatro» «im 2B 9
Pancantinentj/ Pbtruteam Optns. 10: SQ

Peko-WaHsend; 319-20 2
PeiM^CcntreJ USS59L <6JD

tatrohn/sA^IOB.M

£19U

Pioneer Concrete 98 (6/1)

K%; 63 S$n. 2 d-£6 0i;t2) *

WrSi l rtSiSiM-S«.»4 (31/12,

Ret* 011 92

Pembrandt Grp. *53 65
Renlcon 25ft [6/1,

Resource Service **5

Rovex St urge* Mining. 350® (6/1)

S and K Perrolmim 130
SASOL 161* 58 60 1» 1 U5S3.04

harp Cpn. 195 6 (6/lT
0/1 £20i]®

Sabina 17 ZB <5/11
Samantha Exoln. 2d <5/1)

Suite* 390® 93

Seeistre ResourcM 556® 7® 549 51 5
Sewiitf Pipeline 350 M/5)

Selangor Prooi. 190
Seltrust A 52 4 (5/1)

Sell rust 2 75 iS/1,

ShackJMOD taL ,Bjs.,9L hr »0i

swn° on

5lngapara Fodder 89 (3(1)

Sourhvm Pac/fic 24
Spargo 290

Standard Oil of CalHornla £21 L (5/1 »
Standard Oil Of Indiana USM** £24Ai
Standard oil of Ohio £2Qi- ih
‘Straits Trading 256®

Strata Oil 44 5 6 7
Strata Oil Ontlons 31 (ST)

-Sturts Meadow Prospecting 66® a (6/1)
Sun Hung Kat Front. 7 8<- (5/1)

Sunmask Pet. 149

Swire PaeiSt A 104i; 5 i- 7-

5 wire Pacific 8 IB > 2 ® 1511 )

Sn/re Prva. £3' : .-
Target Pets. fftSq.15 Pd.) 17 H
Tech Con. B *75 (Fill
Timor Oil Si:* tU® 5
Trafalgar Houwn g 360 7 (5/1)

Tn- Continental 973
Uni dev 153 7,

Unilever NV (FI 20) £31.50 31-57 (3/1)
Union Oil al California £1 7ij
Union Pacific Carp. USSS1 (Sil)

Uid. Overseas Bank 119 ZO
Utd. Overseas Land 103/:

Utd. Plantations 140 3
Valiant Cansd. 10 <4/1 )

Vamgas 67SO 5 71 2ij

Village Main Reef Gold Mng. 74 (Bit)

Vuttan Mins. 68 (6/1)

Wah Kuiong Proos. 19 loll >

Waltons 47 <6/1 > ,

.Warrior Res. 39 40 1 (5/1>

Waste Management £1BU <4/1,

Wattle Gu/ty Gold Mines 10 (5/1)

West Coast Hide*- 9 11
Western Res. 21

WestMd Mins. 53 (4/1)

Westmex T2 • „

Wheel ock Marten A 61 fe 3<a

WMm Creek Com- 33® 2

WtMdsIdp Pets. 700 67

Woo /wort (i if. w.3 American 920 (3f/!2)

World Int. 23

York Resource* 22 1-®

Zone Petroteum 150

RULE 163 (2) (a)
Applications granted for specific
bargains In securities not listed
on any Stock Exchange.

* Denote* Irish currency.

All EiralMid Law, Tengh Qnd- £«Dk.

1981-B5 £7-100 (31/p>

Ann Street Brawerv 300
A510C. Comma. 240 (Sill
Baker Electronic* 21 (4n»

Border TV A Non-Vta. 20 IS/1)

Burro ugh (James) 108 f
Camra iRsal Ale) Imra. 107 (B/1)

Cannon Street !«■’. **

Cedar lO-ZBueDb. 1991-96 £67

ESt" ataln OUttijiraSO S 40 2 (11/121

Central lndeoend«« TV Non-VtB- 101 3 4

<sm

eie inv. (Ip) «|« to to U H

CIC In*, non) to 131/12.

19

Cdracli tank'uf Walw 75 (31T21
Daniels Stroud 7toPCMts-DI>. 1

1 MI-86 £77

Dart Valiev Light Rlwy. 65 73 <611 »

Da Gruchv tAhratam) 230 (6/1) _ _

De Gruchv /Abraham/' (HJ/ Pd^ 35 40
Ddtcnnc 8><it 9 i5/1i
Dollar Land ZB 30 C5T1
ESI London 85 b

Eastbourne Wtnvks. (4-9pc MU. Dlv.) 37

Easthonrne Wtrwks.- Z.SptlmlPf. 100 3
(5(1)

tldrhl Be Pooc A 297

Gaelic 011 130 (4/1 1 „ _

Grendon Tst. 11pt3ub.lai. 1976-83 £20

GRA Prop. Tst. 14V J-

Hemcrdon Mng. and S/ntrltlnB 63 5 (11(12)

Heme Brawerv BOO (5/1)

Hydro Hotel Eastbourne 305 (6/D
Intervtoton Video (HldgaO Pfd. 31 2 to 3
Intend si en Video (Hldgsj 7PcCnv.Pf. 116

Jacks° (William) 5pcCure.Pt. 22 (4/1)

Jen kin and Purser 4 16/1)

J mining* Bros. 162 (5/11
Jersey Gas 5PCACum.PL 29

Jonoy New Waterworks

1932-64 £83

J 735ur$0

Lam oa secs. 6 (4m
Le Riches stores 233 7 <5/1)

9/*DCMtg.Db.

JOpcMta-Ob.

Uvcrooa/ PC and Alhltt/e Grads. £215 20

(6(1 1

Mainiide elect, i.

Marne Petrofei

... . .Jeum 1)4 5 <6(11 „

Macalapama Rubber 30 1 (S/1)

Nationwide Leisure 9>i io i 16/11
NMW Comnuters 133 5 (6/1)

Norton Vllllcr* Triumph i] Ii* (SM>-
OR£ 212 5 .

OLdham Ests. 132 4
Pan Atlas 7

PMPA mice. 4S/t« 7* 16/11
Petrol ex A (3 p Pd.) 5 (31i12)

Rangers FC ift CS/n

Hothr Plant 20 1 (5/D

Rowe Evans Inn. 3911 <40 (B/t)

St.^Ausittl Brewery SoelNCum-Pf. 37

5cenlsh Ceylon Tga 38 9 rfi/1)

Sheraton See. Intnl. 12 16/1).

Sinclair fWm.l Dfd. 33 (31/12)

SPO Minerals 14< )H (4/1)

Stallion Jnvs. I50D Pd.i 1031- 9 (31(121

Tliburv Brewery 114 5

Tlsburv Breivcrv New ( Mil Pd.) 10 J tfi/l)

Twlnlock IS 1 ; (31/12) *

Weotablx lOpcPf. 56 7 (4/1i

welsh Ind. Inv. 1Z0 (HilZl

West Lanes Water Board SscDbJlrrL)

£22 <6 1j

W/ndimore 27 B
Wynstsy Preps- 101 3
YDlrerton Invs. Z7to (4/1)

RULE 163 <3)
Dealings for approved companies
engaged solely in mineral
exploration.

* Demmes Irish currency. .

Aran Energy 23 4

Atlantic Roseuroa 193 5

Berkeley Exploration and Production 342

Caledonian Offshore 85

Cambridge Petroleum Royalties 290

Candecca Resources 209 10 1 2 3 4 5 G

EBllnton Oil and Gas 75

Energy 5aDree£ (Northern Ireland) B Rea.

Vig. 7Wjs 8 (5/1)

Kcnmere Oil Exp. 20 rt/l)

Marine* Petroleum 105 7

Moray Firth Exploration (SOp PdJ 100 2 3
Stoaiia Romans (Britlshl 59 GO 2 3
Sun Oil rUKi OK Royartv Unit* 143
(By permission of the Stock
Exchange Council)

MONEY MARKETS

London clearing bank base

lending rates 141 per cent

(since December 4)

Day to day credit was in
extremely abort supply in the
London money market yester-
day. ' The Bank of England gave
an early forecast of a shortage
of £350ra, with bills maturing in
official hands and a net take up
of Treasury bills draining
£130m and Exchequer trans-
actions a further £17Dm. In
addition there was a rise in the
note circulation of £80m. The
forecast was revised to a
shortage of £400m before the
bank gave assistance in the
morning totalling £3 25m. This
comprised purchases of £7m of
eligible bank bills in band 1
(up to' 14 days) at 14J per cent
and in band two £77m of
eligible bank bills also at 14}
per cent- * The bank also

EXCHANGES AND BULLION

accepted bills in band 3 (34-63
days) for the first time since
mid-December, buying £4m of
.Treasury bills at 14£ per cent,
£10m of local authority .bills at
142 per cent and £48m of
eligible bank bills at 14} per
cent.

In band 4 (6431 days)' it
bought £50m of Treasury bills
at 141 per cent. £19m of local
authority bills at 141 per cent
and £llOm of eligible bank bills
at 142 per cent.

The forecast was again re-
vised at 3 pm to .a shortage of
£5 50m before taking into
account the morning operations.
The Bank gave further
assistance in the afternoon
totalling £96m, making a grand
total of £421m- The afternoon

The result of yesterday's
Treasury bill tender will appear
in Monday's paper.

THE POUND SPOT AND FORWARD

Trading waa rather huiet in
currency markets yesterday
ahead of the weekend. Rates
tended to move quite a lot
though, but this was more a re-
flection of the rather thin trad-
ing conditions. The dollar was
slightly weaker overall with
Euro-dollar rates showing a
small loss compared with Thurs-
day's levels. However 'the U.S.
unit finished above its worst
level as the U.S. Federal autho-
rities drained reserves from the
money market. Against the
D-mark it fell to DM 2.3SS5 from
DM 2.2615. having touched a low
of DM 2X2520. Similarly against
the Swiss franc it closed at
SwFr 1.S265 compared with
SwFr 1.8310 and Y22155 from
Y222.0 against the Japanese yen.
On Bank of England -figures the
dollar's trade weighted index
fell to 107.3 from 107.6.

Sterling was slightly firmer

GOLD

overall as shown in its trade
weighted index which rose to

91.5 from 91.7, having; stood at

91.6 at noon and 91.8 ln the
morning. Against the dollar it
opened at $1-9175 and. eased a
little on some commercial sell-
ing to a low of $1.9130. By mid-
day it had recovered slightly to
$1.9150 and gained further
ground in the afternoon to
touch a high of S1J9260. How-
ever as the dollar improved
during- the afternoon so sterling
fell away to close at SI .9185*
1.9195, a loss of just 10 points
from Thursday's close in
London. Sterling fell against
the D-mark to DM 4X3350 from
DM 4.3450 and SwFr 3.5075
compared with SwFr 3.5275. It
was also slightly easier against
the Japanese yen at Y425

Gold rose $3} an ounce in the
bullion market to close at $400-
S401.

Jan 8

Day's

spread

CIOM

One month .

%

p-a.

Three.

month*

%

p.a.

U.S.

1.9130-1 .8200

1.3185-1-9195

0 -35-0-25o pm

1.87

0.77-0. B7 pm

1^0

Canada

2.2710-2.2825

2.2755-Z.2765

par-0. 10c die

-0.26

0.05pm-0.15d>0.09

Nfttb/nd.

4.72-4,77

4.7Sto-4,7S>„

2-1 toe pm

4.41

6to-3 pm

4.41

Belgium

73.40-74.00

73.75-73.85

56-750 die

-1ftB7

135-166 dis

-8.13

Denmark

14.09-14.17

14.1BV14.18to

Zto-lore pm

1.38

4-2*4 pm

0.88

Ireland

1.2230-1.2280

1-2256-1-2273

0.22-0-32p die

-2.84

O.Bfl-O.SBdie

-2J0

W. Ger.

4.31-4.35

4.33-434

2-ltopf pm

4.84

6VAto pm

4.73

Portugal

124.80-126.20

125.45-125.75

25-ISSc die

-10.03

75-410 die

-7.72

Stain

185.50-187.00

186.35-186 -55

20-55c die

-2.41

115-180 die

-2£5

Italy

2^10-2,327

2.321-2^23

Ilto-I4to fire die

-639 40),-44todia

-7J2

Norway

11.10-11.19

11.15V11-1S4

IVtoore pm

1.07 A'rSto pm

1.39

Franca

10.S4-11.03

10.99-11-00

VI toe die

-0.96 3V4todi»

-1^6

Sweden

10.80-10.86

10.B4V-10.65to

3-2 ore pm

2.82

Sto-sto

. 2.23

Japan

420-428

42AVC25to

3.6E-3.35y pm

958

9.05-8.75 pm

8^8

Austria

30.20-3040

30.28-30^3

15-10gro pm

4.96 40-30 pm

4.62

Switz.

3-48-3.53

3.60to-3.51to

2to-1’«c pm

7.27 5to-5to pm

5.13

Jan. 8

Jan. 7

Clow 13400-40 1

opening * ] 8397*4-39854

Morning fixing .JS397.1S
Afternoon fixing 16400.35

Gold Bullion (fine ounce)

(£20811-209) .>839618-397)

(£207-207
(£207.5941
(£208.030;

S3B7i*-39Big

IS396.3B

S396.50

(£206’< -207 U)
(£8071*208)
(£206.941)
l£206.965)

Belgian rata ig far convertible Irenes. Financial franc 82.20-82.30.
Six-month forward dollar O.SO-O.BOc pm. 12-month 1.10-0£5c pm.

EXCHANGE CROSS RATES

Gold Coin*

841312-41312 (£215U-215to)
Sei3i a -213ia (£11034-1 ll's)
S108l4-loai4 (£56)1-57)
64414-46 >4 . (£23-23)01
5413)0-414)3 (£21514-216)4)

S981«-B8to (£514-8111)

King Sovereigna. iKllSift-llffig (£60.60)2)
Vlotoria Sovs—... jSl 154-1 164 [£5060>g',

French 20 a- 197.107 (fiSOig.SfiM

60 pesos Mexico I&496-499 (£2584-2604)

lOOCorT Austria. (£380-392 (£203-20441

£20 Eagles 15510515 (£266-26J35|)

Krugerrand-

1/2 Krugerrand...
1/4 Krugerrand...
)/10 Krugerrand

Mapteleaf.

New Sovereigns.

8409-410
S2 10-211
S1051g-1081g
5454-444
6410-411
597-974 ■

I SI 14-1 15
5114-115
1596-106
£493-496
i 5387-590
I £507-512

(£2134-214)
(£1094-110)
(£55-56)8)
(£324-23)
(£214-2 144)
(£50>g-50toj
(£594-601
. (£594-80)
(£50-554)

(£2 57 11-2584)

(£202-205)3)

(£2644-2674)

Jan. 8

Starling

U.S. Dollar

Canadian

Dollar

Dutch Guilder

Swim Franc

West Gorman
Mark

French Franc

[Belgian Franc

Italian Ura | Convertible [Japan a»o Yen

Short term

7 days' notice

Month

Thrao months ....

Six months.........

One Year

145<i-143t

14V15

16se-i5)«
151;-15Ss
151* 15 W

12la-12to

lzae-1268

13-131*

13k;.13to

145fl-14Ba

141a-143«

13.14

13-14

143*~151 r

15la-I5l 3

16-1618

16-1618

IOIr-ZOU
101* 101?
101 S -1058

10 rt-10*
10)».10^
10«.104i

3- 5l|

4- 41*i
8^-8*
aseJSto

StoBlj

77 b -8

918-10

lD-10'g

1018-10U

10V1048 .

101*10*8'
10U -lose

1478-151*

147J-151*

Ibla-lSls

26 % 165*
173*18)8

18 1«- 18Ss

17-18 ! 17-22 i 51*- 6

1758-20 1 13-26 1 6-61a

201*21*5 ; 25l;-28lj 1 6to-63e

23* 23>8 ! 33-BAh .{ 61z-64*

23V24*, : 22-231? 6^-6r<

23)2-24*1 19 1* -20 la * 6V67 B

1 Sterling

- Jan. 8 Cartfficato

1982 . , of deposit

Local

Interbank : Authority
dapoBits

Local Auth.
negotiable
bonda

Overnight: ' —

8 days notice..: —

7 days or 1 —

7 days notice...; —

One month J5*-14tf

Two. mont/i*.._ 15 '*-13,1,
Three months.; 155g 15U

Six months ' IStoi-lSi*

Nine months....; XSJe-13 1 *

One year 15sa-15i*

Two years —

135* -26 ; 1458-146*

— . | 145a-14S*

145(1.1478 ' 14V147B
1458 147j ; 15

1444-1518 1 - •

15)8-13)2 15*8

1588-lBft ! 15Bs

15 <b 161* f -

lSlt-l&iB ! 153ft

- 15*.

1628-16
16l4-157 9
l6>p-15S*
151 b- 145*

133,-1 5 to

1518-151*

Jan. 7

PoundStertlng

"u.S. Dollar

Deutwhem'K

Japan'MYen

FrenchFranc

Swim Franc

Dutch' Guild'

(t&uanLfra

CanadiaDoffariBafglon Fran®

1.

1.919

4.335

425.0

10.995

3.508

4.758

2532.

2.376- '

75.80

U.S. Dollar

0.531

1.

2.259

221.5

6.730

1.838

2.479

1210.

1.1B6

3B.46

0.231

0.443

1.

'■ 96.04

2.936

0.809

1.097

' 635.6

0.5Z5

17.02

Japanese Yen 1,000

2.353

4.515

10.20

1000.

25.B7

8.253

11,19

, 5464.

5.355

173.6

0.910

1.745

5.B45

366.5

10.

8.190

4.337

2113.

2.070

67.13

swim Prano

0.285

0,547

1JI36

121J

— 3,135 -

1-' -1.

1.556

662.0

0.649 -

-- 21.04

Dutch Guilder

0J1Q

0.403

0J911

89.33

2^11

• 0.737

1.

488.1

0.478

15.51

Italian Lira. 1,000

0.431

0.826

1.867

183. D

4.735

1.511

2.049

1000.

0.980

31.78

. Canadian Dollar

0.439

0.843

1.905 .

186.7

4.831

1.541

2.090

1020.

1.

32.43

Belgian Franc 100

1.353

2.600

5.874

575.9

14.90

4.753

6.446

3146.

3.084

100.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

SDR linked deposits: ore month 12-124 oar cent: three months 12V124 per cant; six months 134-13)2 per cent; one year 73*1^-13*1* per cent
ECU linked deposes: one month 13ii*-13)»u per ennt: three months 14V14 1 * per cent; six months IOj-Wi per cent; one year l4 T i*-1«U*u per cent.

Allan £ (closing rates ’ in Singapore)"; one month 13«i*-13*j» PM cent three months 13V-134 Per cent: six monthg 144-144 per cant; one year 14**-14U|t par
cent. Long-term Eurodollar two year's 13-154 per cent; three years .15*1-15*1 percent; (our years I54-15 1 ] per cent: live years T$V15to per cent nominal closing
rates.

The foU owing nominal rates ware quoted lor London dollar certificates of deposit: one month 12.90-13.0Q osr cent; three months 13.15-13.25 per cent; six
months 14.10-14.20 per cenv one year 14.30-14.50.

FT LONDON INTERBANK FIXING (1 1 .00 a.m. JANUARY 8)

3 months Uft. dollars

bid 13 5/8

offer 13 M

6 months U.S. dollars
bid 14 9/16 j offer 14 11/IB

The fixing rates are the arithmetic means, rounded to the nearest one-sixteenth.
. at the bid and offered rates for 51 0m quoted by the market to five reference banks
at 11 am each working day. The banks era National Westminster Bank. Bank of
Tokyo. Deutsche Bank, Barque National* de Paris and Morgan Guaranty Trust.

LONDON MONEY RATES

YTKHSr

Housa

Deposits

Com winy! Market .Treasury

Deposits

- 14ia-145e

Deposits) Bills®

14-1 43b; -

15

ISM

154a

St

15M

Eligible

Sank

Bills*

Fine
Trade
Bills *

;14M-14 Sb -

14)2 ,14^-1412.14^.14^

14)3 ,149-14*1 1*£

14W

14M

1<V *

:l4n-14is

154s

lssg

1548

15

Local authorities and finance houses seven days’ notice, others seven days fixed. Long-term local authority mongage
rates nominaHv three yeara 15*1 par cem; 1 four y sere. 15S per cent five years 15*1 par cent. OBsnk bill rates in- table
ere buying ratse for prxtie paper. Buying rates for lour-month bank bills 14U]* per cent; four month trade bills la 3 * per
CBnL

Approximate selling rate lor one month Treasury bills 14*u.14to per cent: two months 14*u-14i, per cent; three
months 14*, per cent. Approximate sailing rate for one month bank brHs 1* T j* per cent; two months 14 7 m per cent; and
three months ?4*J» par cent; one month trade bills 15*, oar cant two months 15*j per cant : thraa months )5’« per cent.

Finance Houses Base Rates (puMiehad by the Finance Houses Association) 15S per cent from January 1. 1982.
dealing Bank Deposit Rates for sums at seven days’ notice 12*t-12S par cent. Clearing Bank Rates for lending 14), per
cent. Treasury Bills: Average tender rates of discount 14.6701 per cent.

CURRENCY MOVEMENTS

I Bank of

1

| Morgan

Jan. a

England

. Guaranty

1

Index

:Changes%

Sterling j

91.8

-32.4

ILS. Hollar 1

107.3

1 -i 1.0

Canadian dollar....

88.6

: -16.3

Austrian schilling-'

111.5

1 +24.7

Belgian franc

104.9

! +8.1

Denied kroner

87.0

-10.5

Deutsche mark.....

123.6

1 '+43.8

Swiss franc

152.3

> -r 102.3

Guilder

114.9

: +19.7

French franc

80.8

; -14.4

Lira '

55.4

-57.6 '

Yen

144.2

' +38.0

Be sod an trade weighted changes from
Washington agreement December. 1971.
Bank of England Index {base average
1975n 100).

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES

ECU -
central
rates

Currency

a mounts
•gainst ECU
January fi '

.% change
from
' central

rate

% change

adjusted for
dhrergsnce

Divergence

limit %

Bolgiin Franc ...

40.7572

41.6443

+2.18

+ 1.Z2

±1.5368

Danish Krone ...

7.91117

7.93303.

■ +0.91

-0.05

Si .841?

GBiman D-Mark

. 2.40989

2.44605

+ 1.50

+0.54

±1.1077

French Franc ...

6.17443

&.2Q494

+0.48

, -0.48

±1.3733

Dutch Guilder

Z-66382

2.68119 -

+0-B5

. -0.31

±1.5083

0,684452

0.692142

+1.12

+0.16

±1.6688

Italian Lire ;.....

1300.67

1308.43.

+0.60

+0.44

±4.1229

Changes are for ECU, therefore positive change denotes a
weak currency. Adjustment calculated .by Financial Times'.

Stariing/ECU rate tor January 8

O.B645&6 -

Jan. 8

1

£ j 8

I

. p

} Note Rates

Argentina Peso*.

Australia Dollar^.
Brazil Cruzeiro....
Rnland Markka^
Greek Drachma..
Hong Kong Dollar

Iran Rlau

Kuwait Dinar* KD)
Luxembourg Fr...
MfJeysla Dollar...
New Zealand Dir.
Saudi Arab. Rly&i
Singapore Dollar.
Sth. African Rand
U.A.E. Dirham ....

18,250-18,350^ 9,500-0,5901
1.7050. 1.7070 I 0.8890-O.88S5
247. 76-248.76 129.32- 129,97
8.348^.366 ; 4.3600-4.3620
108.67S-lll.997i 57.80-57.90
10.954-10.969 S.7 160 5.7210
251.50* ■ 78.90-

0.537 -0.543 |0^8I7J),28ED
73.75-73.B5 58.44-33.46

4.2855-4JS965 1 2^370-2.2420
2.8275 2-3315 , 1.2140.1^150
6.52-6,58 ! 3.41903.4220

5.9135-3.0335 ‘2,04254! .0445
1.8375 1.8395 0.9575C.9535
7.01-7.07 “ 3.6730.3.6740

Austria..-^,,,..,— 1 30.20-30.50

Danmark 1 4, 1014.22

France.... ; 10.97-11.07

Gern.nny • 4.32 4.56

Italy 2350-2420

Japan 426 451

Netherlands 4.744.78

Norway 11.13-11.23

Portugal ... 1 1251?- 156

Spain 18517-1951*

Sweden- : 10.63-10.73

Switzerland 3.4&O.S3

United States. .., 1.90to-i.92-<t
Yugoslav! a«».... 6895

f Sow one fate. • Selling rate.

UJ£. CONVERTIBLE STOCKS 8/1/82

Statistics provided by
DAT AST HE AM International

•

Con-

version

datero

Flat

yield

Red. -
yield

■ Premhimf

Income

Cheap! + )
Deart -)$

Name and description

- (£m)

price

Terms*

Current

Rangej

Equ.§ Cnnv.ff Div.9

Ccrrent

British Land 12pc Cy. 2002

9.60

‘258.50

2333

80-07

4.7

2.4

-0.6

- 6to 4

163

87,0

27.0

+27.6

Hanson. Trust 6Jpc Cv. 88-93

3,02

159^50

57.1

7603

4.1

. -

■—1.7

: 11 to 2

S.2

6.2

- 1.2

. +.03

Hanson Trust 9fpc Cv. 01-06

. 42.70

107.00

35.7

. 85-01

9 A

9.4

53

2 to 13

82. S

76.4

- 63

-11.8

Slough Estates 10pc Cv. 87-90

5.31

22130

1873

78-85

43

-4.0

- 8 to -1

26.7

.24.8

- 0.8

+ 3.1

Slough Estates Spc Cv. 91-64

- 24.88

103.00

78.0

8001

73

7.6

7-4

5 to 14

2 S3

44.0

16.4

+ 9.0

* Number of ordinary shares l"lo which Cl 00 nominal of convertible slock is convertible, f The extra cos* of investment in convertible expressed aa per cent of the
cost of the equity in the convertible stock, t Tfiree-month range, f Income on number af ordinary shares into which £100 nominal of convertible stock n convertible.
This income, expressed in pence, is tummecHrom present time until income on ordinary shores is greeter then income on £100 nominal of convertible or the final
conversion date whichever Is earlier. Income is assumed to grow at 10 per cent 'per annum and is present valued at 12 per cent per annum. H Income on Cl CO of
CQitysrobfe. Income is summed until, conversion and present valued at 12 per cq/it per annum, Q? This ie income of the convertible lose income of the underlying
equity espmued aa par cant of ibe value of the underlying equity. The difference between lha premium and income difference expressed as per cent of the value
of underiying equity. + is an indication of relative cheapness, - ie an indication of relethre dearness, & Second daio is assumed data oi conversion. This is not
necessarily the last date of conversion, ^

Conpanns aad Markets

LONDON STOCK EXCHANGE

Speculative interest gives equity markets frothy look
Gilts more relaxed and Discount houses rally slightly

* -m i. 9 _ 4 — n4«4 rvT thP

Account Dealing Dates
Option

“First Declare- Last Account
Dealings Dons Dealings Day
Dec 23 Jan 7 Jan 8 Jan 18
Jan 11 Jan 21 Jan 22 Feb 1
Jan 25 Feb 11 Feb 12 Feb 22

< •' New time " dealings in ay take
place from 9.30 am two business days
earlier.

Drawing hope from the latest
developments on the pay front
despite the ntilworkers and
miners' disputes, leading shares
furthered their recent upturn.
Speculative interest yesterday,
the last session of the trading
Account, continued to he the
dominant influence and out-
weighed genuine investment
offtake.

Most of the, former business

was concentrated on stocks
known to he in short supply and
values consequently over-reacted
in slender markets. Despite the
absence of a rumoured market
raid, Scottish and Newcastle
Breweries rose to 56p before
closing only 1J up on balance at
54£p and, Unigate, another re-
cently tipped for a similar raid
or outright bid, extended this
week's rise to 15. at 114p.

Other bid chestnuts came alive
including Gipperrods, up 12 at
142p, while Motor Components
shares responded to the expected
return to work next week at
Ford- Against the trend.
Electrical leaders became un-
settled by talk that brokers had
downgraded their profit estimates
for Thorn OIL which is due to
report interim results next
Thursday; the possibility of a
rights issue was also mentioned.

Discount Houses steadied after
Thursday’s collapse, although
Smith St Anbyn, at 40p, re-
covered only a fraction of that
day's slump of 97 which followed
news that the group had
exhausted its reserves.

Constituents of the FT In-
dustrial Ordinary share index
generally displayed gains, with
the. notable expection of Thorn
EMI in which a fell of 13 was
balanced by a rise of 14 in Glaxo,
and this measure of the market
dosed 1.9p up at 531.4 to take
its g a * n over the past three
trading sessions to 13.3.

Slightly easier money mar-
ket rates led to a more
relaxed air in Gilt-edged .
after Thursday's Smith St
Aubyn news. Revived small in-
vestment demand found stock
occasionally in short supply and
quotations responded ' with the
help of a firmer sterling exchange
rate. Closing gains among the
mediums ranged to I, while the
short-dated Treasury 9J per cent
1983 rose } to 933- The special
low-coupon Treasury 3 per cent
19S7 stock made a quiet debut
at around its . issue price of
£64$.

Traded options were dom-
inated by ICI which recorded 503
deals — 488 calls and 14 puts— out
of a total of 1,548. The week's
daily average amounted to

1,531. . „ T _

Construction concern York
Mount made a successful debut
in the Unlisted Securities
Market; the shares opened at 47p
and closed at 49p compared with
the placiDg price of 46p.

Smith St Anbyn harder

Discount Houses regained a
little composure after Thursday's
collapse which followed the
shock revelation that Smith St
Aubyn had lost its reserves
because Qf heavy losses incurred
in the gilt-edged market and
proposed a £2.7m rights issue to
replenish Its funds. Down 97 the
previous day. Smith St Anbyn
picked up 5 to 4Qp- Cater Allen
hardened a similar amount to
280p and King and Shaxson re-
trieved a couple of pence to SOp.
Gerrard and National, however,
softened 2 for a two-day loss .of
25 to 243p.

Elsewhere in the banking
sector, Guinness Peat stood a few
pence down at 90p before and
after the announcement that Mr
Alistair Morton has been
appointed a director and chief
executive with the authorisation
to settle Lord Kissin's future re-
lationship with the group. With
the exception of NalWest, which
softened 3 to 402p, the major
clearers took a firmer line. Mid-
land added 4 to 346p and Lloyds
3 to 42Spl Bank of Scotland
gained 5 to 51Sp, after 523p, on
revived bid hopes.

Unsettled recently by fears
that the recent stormy weather
could cost the insurance market
£50m. Composites rallied slightly.
Sun Alliance put on 4 to 824p
and Royals appreciated 3 at 330p,
while • Commercial Union
hardened a couple of pence at
125 p.

Scottish and Newcastle were
again briskly-traded on rumours
of a dawn raid and touched 56p
before settling far a net gain of
11 at 54$p.

Business in Buildings was
slow, but selected issues
responded to inquiry and usually
improved. Barralt Developments
firmed 5 to 215p, while Costain
gained 6 to 242p and the De-
ferred 4 to 214p. Demand ahead
of the annual results, due
January 21, lifted Y. J. Lovell
5 to 250p, while John FbiEan put
otr 4 to 146p on revived bid
hopes. Wiggins Group improved
2 afresh to 88p and NewarthiU
8 to 463p, while Breed on and
Cloud Hill lime Works added 3
to 160p, the last-named following
a press mention.

Polly Peck placing

Renewed support was forth-
coming for ICI which firmed 6
to 306p. Elsewhere in the
Chemical sector, Hickson and
Welch put on 8 for a two-day
gain of 20 to 22 Op in response to
the better-than-expected pre-
liminary results, while Laporte
rose 5 to 127p and Coalite 4 to
127p. Paint shares attracted fresh

support on merger prospects.
International Paint, which re-
cently acquired a 12 per cent
stake in Arthur Holden, gained
5 to a peak of 222p, while
Biundell Permogiaze gained 4 to
90p and Manders 7 to 15Sp.

Store majors continued to
attract a fair measure of institu-
tional support and finished with
gains extending to double-figures.
Gussies A rose 10 for a gain on
the week of 23 to 453p. while
Marks and Spencer, 133p, added

3 more. British Home returned
to favour with a rise of 7 to 12Sp.
but Habita, still unsettled by
opposition to the proposed
merger with Mothercare, eased 3
to UOp. Secondary issues were
agained featured by Polly Peck,
which dipped to 355p following
the announcement that the
chairman, Mr Asil Nadir, has,
through Restro Investments,
placed Um shares through the
market at around 350p per share;
scattered support was evident at
the lower level and the close was
only 10 down on balance at 365p.
Comet Radiovision attracted
support awaiting news from the
annual meeting and advanced 5
to 116p, while Currys rose S to
174p. Support was also forth-
coming for Martin Ford, 3$ up
at 22p, and Harris Queensway,

4 dearer at 132p.

Talk of a brokers downgrading
profit forecasts and of a possible
rights issue with next Thursday's
interim results unsettled Thorn
EMI which closed 13 down at
445p. GEC shed 6 to SOOp and
Racal eased a couple of pence to
428p, after 425p; the latter’s first-
half results are due on Wednes-
day. Plessey resisted the trend
with an improvement of a penny
to 363p- Secondary Electricals
were featured by a fresh decline
In Quest Automation, still on con-
sideration of the poor interim
figures, the close being 10 down
to take the fall on the week to
52 at 83p. Amstrad, on the other
hand, rebounded 20 to 215p

following the recent bout of
profit-taking-

Leading Engineers opened a
few pence dearer, but lack of
support and occasional offerings
saw quotations drift back to close
with little alteration on balance.
Loose offerings, however, left
John Brown 4$ cheaper at 53$p.
Elsewhere, Chemring responded
to demand in a limited market
with a rise of 12 to 245p. Brock-
house hardened 1$ to 32 in
response to the chairman's
annual review, but Ley's
Foundries, reflecting the annual
loss, weakened 2 to 17p. Fresh
support left Chamberlin and Hill
3 higher at 46p and Howard
Machinery 2 firmer at 27p.
Babcock rose 3 to 90p and APV
5 to 232p, while GEI Inter-
national edged up 3 to 70p. On
the other hand, Anderson Strath-
clyde met profit-taking and gave
up 2 to 92p along with Benjamin
Priest a similar amount down at
35$p. ^

Selected leading Foods con-
tinued to attract speculative
interest. Unigate -were again
actively traded as dawn raid
rumours persisted and closed a
penny up for a gain on the week
of 15 at 114p. Ranks Hovis
McDougaH attracted late support
and added 2 to 62p. William Low
added 2 for a two-day gain of 12
*to 172p on bid hopes. Llnfood
shed 3 to 174p following the
announcement that the company
bad placed the whole of its hold-
ing of 12.2 per cent of the voting-
shares and 38.3 per cent of the A
non-voting shares with Cour-
taulds Pension Fund; Bishop's
ordinary held at 17Qp, but the A
gave up 4 to 92p.

Glaxo better

Glaxo featured firm miscel-
laneous industrial leaders, rising
14 to 436p on technical influences.
Tumef and Newall put on 5 to
8Sp in response to an investment
recommendation, while Unilever
added 10 to 612p and Beecham

FT-ACTUARIES SHARE INDICES

These indices are the Joint com portion of the Financial Times, the Instth fe of Actuaries and the Faculty of Actuaries

EQUITY GROUPS
* SUB-SECTIONS

Fri Jan 8 1982

Tbr Wed Ties Mao Year

Jan Jh Jan age

7 4 5 4 M

Highs and Lows Index

«■ auD-KWiiHna y, Gross Eat

M Ofc P/E

neU« RUio Mtx Mac Index Mb Index

tm* n prerihsa *m Mato Ns. Ctaage (Max) ACT at (Net) ffe. Nt No. No. No.

tfstodo per xdm % 30%)

1981/82

Dm

Cooptation

Hto | U»

1 CAPITAL BOGUS (214)

2 Bufldlng Materials (25)..

3 Ctoracflag, CDm lni tgoD ftB

4 Electricals (30)

5 Eeghtoring Contractor (9) _

6 HednalcalEn*Mrieg(67).
8 MtttataMcW TOrahs 02)..

35430 352J2
38130 29934
53127 52938

10 OtortadaMUfttoWstiffi..

37342

+81

891

21 C0KE-ffiI9 iXieP O'SB _

2713'

+02

133?

22 Brewers and Dbtffim (20)

26737

_

1733

25 Food Manufacturing (21)

268.0!

+12

1531

25 Food RetafflngOS)

549.7!

+85

926

27 BNfttoHotoMPMK&fT).

34*J«

+22

895

29 Leisnre(24)

41841

-87

9.76

32 NewipatosPubldtag(12]

484 JR

+86

1272

33 Padagfaigtod Paper 029-

194.92

+04

1525

34 Stores (46).

2483/

+1.9 11.69

35 Textiles (23)

loss'

-81 1824

254.9]

—12

2270

39 Other Cotm—rr (14)

257 JQ

+02

7.49

41 OTHER GROUPS (791 —

2340:

+87

1890

42 Chemtcats (lb)

311.1'

+27

521

44 Office Equipment (4)

H7jM

-0211554

45 Transport (13}~

52943

—0212823

46 NBsceHatwoiB(46)

H 1 Ms (13)... .. I

29L22

29442

TOM

+82

+«y

■=«r

1252

TIM

saa

62 BsnKcs(6)

~Bza

284.99

rar -

+83 3263

63 Dbaxjnt Houses (V)

71791

+86

—

65 Insurance (Life)

MU

+82

—

66 bturaecr (Compcnhc) (10

150.92

+87

—

67 Insarawoe Broken (8)~

4UL52

I +8311129

60 Merchant Broks (12)

152.7!

-Ml

—

69 Property (SCO-

44371

-8*

4.99

70 Otter Flnuefal (15) —

17423

[+0311622

r+di

81 HdqRawtlX^.

29834

|+12 1896

Overseas Traders (17) _

40872

1+12 1242

38030(28/8/81)
33434 0/5/81)
0027 0WW)
126415 (28/8/81)
52228 (3QW8Z)
23024 (24/4/81)
1BZJ7 m SO

U 27 S cusmi
405J3 (14/8/8U
29Ut(27«SU
32506 (1W6/81)

Z77J7 arm
572.90 arm
363J3 arm

47441 (14/8/81)
52605(13/5/80
16L79 (1/5/81)
294JK (3QH/8D
372*4 00/4/81)
27X22 (28/8/81)
31140 (1/5/80
24909 (3SW80
320JH PQ/4/K0
12909(22/4/81)
64406 (24/4/80
31*68 Q/9/8I)

2722805/1/80
236J2(13MO
40X39 (8/1/81)
8880305/1/81)

37444(20/1/80
142.47(15/1/80
1Z724 04/1/80
8273(6/21/80
27735050X0
2273004/1/80
24442030X0

20417(14/1/81]

4408901/3X0
2453804/1X1)
3273806/1X1)
41473(28/9/80
10835 04/1X1)
20.94 (2U1M1)

12237 09/1X0
19337 090X0
22934(28/9/81)
19X89(28/9X0
2353503/3X0
9279 0000X0
43008(28/9X0
24B.93CX/9XD

10.43 —
M3 —
837 —
SJ5 1231
534 —

28426 239.98
24420 29305
21924 227.7V
35202 14431
41330 312.61
15528 145.77
4*50 44192
DM2 169.91

29182 0001X0
3MJB (28/3X0
29444 arm

38889 0/9X0
443.91 01/9/80
17936 (27X0
537J7 (2/4X0

31499 0318X1)

22M4 01/3X0
21105 (7/1/82)
22204 0/1X0
1428609/1X0
29481(20/1X0!
327-53(28/9X0 !
377J1(2V9X0
14586(28/9X1)

38038(28/8X1)
33434 (1/5X0
61007 (30/4/80
126415 (2BXXO
51229 00XXO
23426(21/4X0
39289 (4/5/79)
17039 05/1/69)
40503 04/8X1)

29608 07XXO

3250606/MU
27787 (3/9X0
572.90 0/8X0

3003 arm

47441 CHW1Q

52415 01/5X0
16109 (1/5X0
29486 00/4X0
23502 07/1/67)
33906 (2X72)
311.40 0/5X0
21909 00/4X0
329.77 (4/5/79)
24406 0/9/72)
64406 (21/4X1)

31*68 anm

291*2 00/11X0

31410(20/3X0

29444 0/9X1)
38889 0/9X1]
44383 03/9X0
27457 0X72)
517.77 04/80
3033808/572)

5001 03/1274)
4427 01/1274)
7148 (2/1274)
8401 (25/6/63
6439 (2075)
45.43 (6/3/75)
4965 0/175)
19.91 (6/1/75)
27755 05/1X0
6LC 03/1274)
69.4703/1274)

5967 01/1274)
5425 01/1274)
17538 (28/5X0)
5483 (9/175)
5588 (6/175)
43.46 (6/3/75)
5263 (6/175)
6266 03/1274)
9434 (13/6/62)
22984 (28/9X0
5863 (6/175)
7120 Q/121 74)
4534 (2/175)
9080 (29/6/62)
6039 (6775)

6284(12/1274)
8140 000274)

4488 (2075)
43.96 030274)
6586 06/1274)
3121 47/2075}
5681 (20/4/65)
3309 (17/12/74)

FIXED INTEREST

AVEMBEJMIS
REDCfOTlM VCLBS

Fri Thar Yew

Jaa Jan ago

• • 7 bfpmj

1125

M17 Q6/1IXU

1221

M4I WSffil

1236

3453 (26/UX1)

33J4

mm wvm

ne

2645 OtflMll

1323

15.90 (2I/9XD

1154

uiz mmm)

MIS

3659 (26/19/H)

33J7

24JI (2V9XU

JUS

M 22 mm

31» (20/3X1)
1U6 <2X3X0
DJI (67X1)
12.91 (21/3X0
1332 (20/5X1)
1385 OV3X1)
1183 (20/3X0
H54 (20/3X0
1305 (200X0
n3S (29/3X0

Equity section or groop

Other Indostiia) Materials

Other Cansaww ... —

■ 1-^i.Lm a — u ma --M-

maucnmonsBaou rroev mhw

Otter Steeps. - — -

Omsfltt Traders

E n gin eer in g Cont ractas -

Mechanical Enfl ii mr taj

Office Equjproegt

Industrial Ghhp —

31/12X0

31/12/80

30/12/77

31/12/74

31/12/74

31/12/71

33/12/71

36/1/70

31/12/70

BpBy section or gimp

OOxr Financial

Fond Mawufadurtng— ...

Food Retailing^— —

lnsaraKe Brokers „

IfflflingFtann

/to Otter.,.— — „

WrfHdi Giwmineiit

Detu- ALpa ns

PWfWIlffi

inanuiM urotei ■ - — — ■■■■

+ Flat yteid. A list of the constituents Is attJfeNe from the Pabfisbers, The RnancW news, Bracken House, Cannon Streep London,

NAME CHANGE: Londwt & Mandwter Assurance has changed Ks Mm to London 4 Manchester Gn »4» (Hmnwee Ufe)

Bast date Base tom
33/1270 lannfc

29/12/67 11413

29/12/67 U4J3

29/12X7 9667

29/12/67 10Q80

10/4/62- 10080

3172/75 . IQQjOO

31/12/77 10080

31/12/77 76.72

EC4, Price 15fc by post 261&.

4 to 219p. Elsewhere, a resurg-
ence of. speculative buying on
bid hopes helped Gripperrods to
advance 12 to 142p, while Neil
and Spencer found support and
put on 5 to 35p. Pritchard Ser-
vices rose 4 to 178p and Sothebjs
8 to 3$3p. Change Wares con-
tinued firmly at 27p, up 2, while
Bentos hardened a penny to 26p
on the announcement that the
company is acquiring Joshua
Bigwood from Maurice James;
the fatter ended unaltered at
22p. Hoover A, at 90p, lost 4 of
the previous day's speculative
rise of 10' and fading bid hopes
clipped 8 ftom Royal Worcester
to L65p, down 30 on the week.

Pleasnrama, a thin market,
gained 15 to 320p on further con-
sideration of the preliminary

results.

The general acceptance of
Ford's wage offer prompted a
firmer tone among Motor Distri-
butors and component suppliers.
Lucas jumped 8 to 224 p, while
Automotive Products added 2 to
S2p. T. C. Harrison, 7Sp, and
Dorada, 34p, rose 5 and 3 respec-
tively, while Henlys, still await-
ing further bid developments,
closed 3 higher at 107p, after
109p.

London Shop Property Trust
rose 4 to 140p and the 6J per
cent convertible loan advanced
16 to £178 following the revised
conditional bid from Rosehaugfa,

5 cheaper at 250p. Elsewhere in
the Property sector. Churchbury
Estales hardened 5 to 635p
following a property disposal.

Oils quiet

Oils passed a drab trading
session .with the leaders drifting
a few pence lower in places.
British Petroleum gave up 4 to
29Sp, while Tricentroi closed 2
cheaper at 226p. Among the
more speculative exploration -
issues, Cambridge Petroleum
reacted 10 to 2S0p and Edinburgh
Securities lost 9 to 207p. Strata,
in contrast, advanced 9 to 52p
following news of the spudding
of the Woodada number 5 well
in the Cooper Basin.

Still reflecting the absence ot
bid developments after the flurry
of speculative activity earlier in
the week, P & O Deferred eased
afresh to 130p before settling at
132p for a net fall of 2. Else-*
where in Shippings. John L
Jacobs were noteworthy for a
gain of 4 to 38p.

Sogomana continued to feature
Plantations, rising 55 for a two-
day gain of S5 to 510p following
the disclosure that the company

RECENT ISSUES

EQUITIES

lasue !=jSc«
price oTJ 1 ®

p EolajSQ

<1 Mk

Nigh Low

- F,
130 F.
100 F.
S36 F,
826 F.

88 F.
80 F.

61 ;f!
*S0 ;f.
ioo If.

150 F,
USS5.WIF.
if IF.
!67 F.
115 F.

— !F.
46 IF.

P. 4/18 875
P. — 20

,P. - 9B
,P. — 35

p, 5/8 240
P. 82/1 86

P. 13/1 84

P. — 10

P.22/1 63

P.l 9/12 SO
P.|22/l |l09
.P.l 4/1:165
,P. - 305

P. — ! 9

P. 18/121 70
P. - 120
,P. — 5

P. I 49

u]2

E S ! Pgp> a --

775 j^Asprey 1875

29L E ^mset S petal 10 p 2912 „

96 [Balllle GiffordJ’nTst 98 _.

31 «City Site_ 31

230 jComp.ASysts.Eng 2ap|230 ...

83 [Co sains Prop-BQp i 86 +3

61 4<Equlpu. I0p 81 ...

9 |F*C Enter. Warrants! 9
61 jfiGoocl Relations 10pi 61 !

39 .-SiGr nw'hCableACm.i 39 , ...

96 I’&HardangerProp.lOp^ 98 |+2

;1S6 ,4'Hayters 81 157 !

|27G Newmarket 1 1981 i5c 278 ...

j 4iaiPeak Hldgs 71# ...

, 68 KciSheldon Jones. '■ 69

117 [Speyhawk.lDp 1117

4 Winers lp J 4

, 48 ['fVork Mount | 49

FIXED INTEREST STOCKS

£

High

91.48

£35 -

261s

100

F.P. 35/3

103

II

F.P. —

107

5100

F.P. -

1001s

}100

F.P. —

100

69

F.P. —

78

70

F.P. —

75

100

Nil -

mpm

—

F.P. -

[135

Financia l Times Saturday January 9 1982

financial times stock indices

is negotiating to sell part of the
Sb el ford Estate for a considera-
tion of £8.1tn. CasUefield (Klang)
rumoured to hold an interest in
Sogomana, rose 30 to 4Sfflp id
sympathy.

Mines ease .

A gloomy week in mining
markets closed with most sectors
tending to lose further ground
after the sharp fails “ precious
and base-metal prices earlier in

South African Golds moved nai>
rowly either way but generally
closed showing marginal falls
despite the S3.5 rise m the
bullion price to 5400.5 an ounce.
The Gold Mines index eased 1.0
to 29S.Q, a faU of 9.5 over the ,

In the heavyweights loss® of
i were common to Buffels, £17«,
and Randfontein, £29*. while tne
cheaper-priced issues showed
Grootvlei 13 off at 405p.

The first of the December
quarter reports from the South
African gold mines, those m the
Gold Fields group, are due next
Wednesday. „ .

London Financials staged a
good recovery in after-hours’
trading. Rio Tinto-Zinc closed 5
higher at 433p. Charter rose a
like amount to 25Qp and Gold
Fields edged up 3 to 473p. South
Africans drifted on- lack of
interest with the exception of
De Beers, which hardened 2 to
352p; the 19S1 diamond sales
figure is expected early next
week.

The Rustenburg chairman's
profits warning depressed
Platinums. Rustenburg gave up
fi more to 20Sp— 20 down on the
week — while Impala dipped 5 to
325p and Ly den burg 4 to 166p.

In Central Africans, new 1981-
1982 lows were registered In
Coronation and RCM which gave
up 5 apiece to the common price
of 65p.‘ Falcon Mines dropped 10
to UOp.

.Australians drifted in idle
trading; Ashton Mining eased 4
to 6Sp and CRA 3 to a 1981-82
low of 153p following the latest
quarterly report from the Ashton
diamond venture in Western
Australia- Among other leading
issues, Western Mining gave up
5 more to 22Sp, down 18 on the
week.

Elsewhere, Tara Mines dropped
30 to a low of 455p; the zinc/
lead mine at Navas remains on
a care and maintenance basis
following the rejection of a wage
offer by craftsmen.

Govommont sacs — I

Fixed Interest

industrial Ord...— »—

Gold Minn *~

Ord. CXv. Yield

Earnings, Yld-S (fulll

p.'E Ratio InetK •)

Total bars ai ns.

Equity turnover Bm.

VqTiitvbargaj ns, —

10 sm 631.

Basis ICO Govt.
1/7/35. Gold Minis

62.34- 61.97! 62.00 i 61.89
62.88 68,79; 82.87! 62.83
531.4-' 589.5' 523.7; 61A1
298-0! 2B9.0 300^ 302.0
5.6fi! 5^7; 5.71; 5.75

I 9.92 h 9.96' 10.03. 10.12
13.87 12.85. 12.75 12.62
16,037; 16,671! 15,393 15,590
_ 1 126.70 87.64. 50.86
_ ; 15,3 B& U,2flfi_12|51°

,8. 11 am 531.8. Noon 53D.8.
2 pm 530.4. 3 qm 53DA
Latest Index 01-248 8028.
•flil=11.<9.

Sacs. 15/10/26. Fixed lot.
12/9/55. SE Activity 1974,

62.57 68.B5
63.12) 70.45
530.4, 459.3
507.5 391.?
6.65 7.76

9.91 17.58
12.88 7^)5

11,422 20.778
43.78 1 15.13
. 8.21 T 12352

1 pm B31-0L

>nduitr<a! OnL

HJGHS AND LOWS &E. ACTIVITY

1981/2 Since Compilat'n
Hlflh | Low High ( Low

! 70.61 60,1?

Govt. Secs...; |20( i, 426 /rai

Fixed «nt — } ng*

Ind. Ord 597.3 446.0

[ High | LOW ;

j 1 —Daily ;

127.4 j 49.18 177.0, 178,1.

I (S/1IBS) j (3/ltfSi -EqSties. ...>• . '

| 150.4 i 50.63 • Bargain*—

A!6rU|47) 0|1|7BV ■ Value. 256.1 . 176 S

i 697.5 | 49.4:|^^ e -;

'18014/81) ■ BtoSSSS...' 150.7 126.4

! 558J | 43.5 (Equities...... Q

(22/9/80) '<29/ 10/71) Barg«dn*-i .72.4 66.3

! Value...-. - 167^ 143,4

72.4 66.3

167^ 143.4

NEW HIGHS AND LOWS FOR 19S1/2

The following ouotsdow '« MjeSharc
l Itfor motion Service yestordav ettamed new
Highs and Lows J»r 1981-63.

NEW HIGHS (16)

BRITISH FUNDS 12)

Trees 3 PC HZ Treas 8>«pc 82

ape B f NTtlL BANK (1»

Intnl NWEAUTH LOANS

“ SW "S&M «»

nu»rvGrooo MEMicAU . a|

Hickson * Welch Croda Intnl

lot Paint E(J£CTR1CAls , 1 ,.

Famefl E,e * INDUSTRIALS (21
Martin-Black SI lent night

LEISURE il)

Trident TV A „ _

MOTORS «1)

H * ron NEWSPAPERS (t>

Link House _

PROPERTY (1)

Lon Shop Pro StDcCiw

TEXTILES <11

LOW'S (23);

AMERICANS CSJ
Bank o» America Honeywell

&1 “ 011 CANADIANS (21
Bank, of Montreal GnH Canada .

. BANKS u)

Bank, or Ireland Seceomhe Manhall

. STORES 12) I •

Habitat Rayboefc

ELECTRICALS til

Quest Auto

ENGINEERING tl>

Lev’* Foundrie*

INDUSTRIALS qa ■

BH Prop . . ScMoraberotr

Cont Stationery _

INSURANCE nr
Enhla BpcCnv -_ ■ . •

OIL AND GAS (21
Brit Caaadtan Rea Ranger OK
MINES (6>

W el Scorn Roan Cam -

Coronitton WOtern Conk -

Falcon Tara Exp fora Don

RISES AND FALLS

British Funds.

Corpns. Dom. and Fbrsign Bonds

Industrials

Financial and Props.

O ils

Plantations — •

Mines

Others -

Totals -

Vests rday
Rises . Fails Seme
84’ — B

On the Weak
Rises Falls Sni^
168 126- 168]

6

1

85

51

.58

253 . •• • ' “

289

158

907

1,100

1,223 4466 ’ ’ ‘

T25

84

322

379

5S2

1.614 1 ^ *

11

29

70

76

198

2W. .- " . ,

4

' T

19

.15

23

82

21 -

- 51

38

115

280

4® ._

29

- 52

70

182

317

253

567

357

1.657

2.094

2.783

7,659 .i ..

ACTIVE STOCKS

Bank of Scotland ....... 516

Bousieed 101

Candecca 208

Glaxo 436

Gripperradi — . 142

P. and 0. Oefd .132

pence change
516 + 5

101 + 1

208 - 2

436 +14

142 +12

132 -2

Stock • •

Quest -Auto. —

RHM .....

Royal Bank Scotland.

Rustenburg. -

Thorn EMI —

1 Unigate

.Closing
price Da/ a
pence change'

LEADERS AND LAGGARDS

Percentage changes since December 31 1981 based on Thursday,
January 7 1982

Other Consumer + 3.68 Banks — 1.02

Shipping and Transport + 2.07 5CO Share index — 1.11

Engineering Contractors + 1.88 Health 6 Household Products — 1.23

Stores - + 136 Capital Goods — 1^7

Packaging and Paper + 1.33 Mi-Share index — 1.27

Chemicals + 1.31 Tobaccos — 1.33

Motor* + 0.89 insurance (Life) — 1.46

Food Manufacturers + 0.69 Merchant Banks — 1.47

Newspaper*. Publishing — + 0.38 Mechanical Engineering — 1.53-

Leisure - + <L31 Property - 1.83

Oversees Tradaro + 0.23 Brewers and Distillers - 1.94

Other Groups + 0-05 Financial Group -- 1.94

Consumer Group — 0.06 Electricals — 1.99

Building Materials ... - 0.2D Office Equipment - 2.09

Co ™ tnjct1on ~ 9-** Metals and Metal Forming - 2^9

G “ «« Gold Minas index - 2.76

i^^em "Tii.ty ' ::::::::::::::: - S:i '™ nn z (Composrt8) ' : a

Insurance Brokers - 0.69 Mlnin 9 Finance 3.46

Food Retailing - 0.79 Oils - 3.82

Other Industrial Materials ...... — O SS Discount Houses —14.41

THURSDAY’S ACTIVE STOCKS

. Based on bargains -recordsd in SE Official List

Thursday's
No. of closing

price price"
Stack changes, pence

Day'a

change

Smith St Aubyn

20

35

-97

Unigale

20

113

+ 5

P. end 0. Defd.

19

134

+ 1

Ryl. Bk. Scot.

18.

194

- 3

Boweter

18

22B

+ '5

GEC

17

BOS .

- 4

ICI..,-..

18

300

+10

Stock i

Plassay ........

Bk. of Scotland
Cable Wireless
FNFC r....„: —

Imperial Group

Lonrho '

Rank Org!

Thiffiday'd
No. of dosing
price price Ddy^l

changes pence change >
18 382 f+ £

I • 14 .513 2

13 214 E£ 4

,13 34

i 13 72 W. 34

.13 80 fch 4

,13 X&

5-DAY ACTIVE STOCKS

Based on bargains over the five-day perioif

Stack

GEC

Euro. Ferries ...

ICI

Cable Wire Hiss

Plea soy

Racal Elec. ._
BP

Thureday'e

No. of closing change
pnee price on
changes pence week

Royal Ins. ......

Shell Trans. _

Rank Org. -

Tube Invs. ...

BAT inds

Town and .City
1CL

-®3SL Thursday'* -

N?-tX^c 1 o sing ^tidHge'

pnea ipnce on
changes pence jmeli

33w

OPTIONS

4.2 5.8| 4,9

1.2 2.3|fi1.4
3.88.0(14.871
2.6 8.1; 6.3

; 2.1 B.B 1SU46

i 2.0' sTa|ia7x
! 2.2 143; 4JS
! 1.8 9.6 7.3
I—!—'—

I — | — '.5.1
I 2.4| 7.2| 7.8
i 2.5| 8.3| 5.3

1 3.9il5.li 2.1

+«r
“ 0 •"

First Last Last For

Deal- Deal- Declare- Settle*

mgs ings tion ment

Jan 4 Jan 15 .. Apr 15 Apr 26
Jan 18 Jan 29 Apr 28 May 10
Feb 1 Feb 12 .May 13 May 24

For rate indications see end of
Share Znjomation Sere ice

Stocks favoured for the call
included Town and City Proper-

ties, Chloride, British Home
Stores, Racal, Doable Eagle,
Royal Bank of Scotland, I CL,
Trident TV, Scottish and New-
castle Breweries, Bowatec,
P & 0 Deferred, Inter-City, Uni-
gate, CharterhalL KCA Inter-
national, KCA Drilling, Bam-
bers and AGB Research. .No
puts were' reported,- but a
double was taken out in-ICL

LONDON TRADED OPTIONS

•Ian. 8 Total Contracts 1,648. Calls 1,335. Puts 213. '
I I Jan. j April ' July 1 . . I.

voi. voi. i°»i vof. i «s»'

— r I wvi. pe, una. i.aao_ 7B

5 4Pmrrelfoa 12% Cnv. 1991 $, Dr

1 16 IVIners 10| Cnv. Loan 1968.. J. J 1 ft

RIGHTS” OFFERS

BP ta)

BP (C)

BP to)

BP <o)

BP <p>

BP (p>

BP <p|.
CU (cl
Cons. Old
Cons. Gld
Cons. Gld
Cons. Gld
Ctlds. (c)
Ctlds. fei
Ctlds. (c)
GEC (el
GEC (c)
GEC (pi
Met.
Met.
Met

I e ? j Latest
Issue la^l Renunc.
pricaj cS I date

0 III • ■

I High | Low

7*2, F.P.
142 1 F.P.
2.5A&I Nil
15 l Nil
162 I F.P.

25 Nil
44 FJ».

7ls F.P.
50 F.P.

26 F.P.
50 eta Nil

50 Nil

29/J1 ,_8iz 7ia,Abwood Maori. 7igp \

— I 93pm> BOpmiCSRASl :

Ipni +Carlton Real Ests-lOp I

31/1; 183 i 172 Great Portland Estates 60p.|

— |pm; 7iapm I.G.L

ir,i Lennons Grp-lOp.

ofiJ iS e 7S * Prop- Ip— — .....

21,1 55 * Strong A F«her..«

— B9 28 Telfes 20 d.

29/1 117pm 103pm T N TwtZZZZZZZ

— Bpm 4pm Waarweil *p - L , iLL

a |

■if a j+or

Si ■ “

7l2|

136

65pm;— 2
2ij| pm 1 — I*
178 !+2

l8 m n
10 .....
61 ,

87

116pm

7pm +1

; 280 1
300
■ 330

360
280
500
360
140
(Oil. 460
<c)l 60 0
(pH 420
IP) 460
60
70
80
800
850
800
160
iao
200
160
180
240
260
280
300
330
880
300

r offer ;

20 8

4 -

IB - 2

24 2

'6 30

Ufl . -

1 —

5 - 6

58 -

48
28 1

9

' J*

20 , - I

.2 38 I

— . 18 i

• — ! 0 j

16 i - -

7 32 i

— 74 j

— ‘ ‘ 11 ;

— .64 I

2 j *44

re.

-1-33
32 i 22 .

Z\ i 1 *

11 ,64

1 37

— 37

“ . 35

• — • 21

60 • 14.

. — .9

50 16-

— 82
6 62

10 45

39 • 30

•- r.

Ik I ■ -

15- I ■■

' — '|12 &p
— ,47Dp

1 I' „

— I 78p

w •

15;jsq4p-

Renunciation date usually lest day for dealing free of stamp duty. & Rgurea
based on proa pectus estimaie. d Dividend rate paid or payable on pert of
capital; cow baaed on dividend on full eapHal. g Assumed divWMd end yield.
h Assumed dividend and yield alter scrip issue. . m Interim since Increeaed or
rasumed. u Forecast dividend: cover based on previous year's earnings.
F Dividend and yield based on prospectus or other official estimate for 1981.
Q Gross. T Figures assumed. $ Cover allows far conversion of shares not
now ranking for dividend or ranking only for restricted dividends, g Placing
price, p Pence unless otherwise indicated. 1 1 ssued by tender. | Offered to
hoJdora of ord in dry shares m a “ righta.' 1 Issued by way of capitalisation.
§5 Rointroducod. 11 Issued in connection with reorganisation, merger or taka-
over. BB Introduction. □ Issued to former preference holders. ■Allotment
letters (or fully-paid). • Provisional or partly-paid allotment letters. * With
warranty, tj Dialings under special Rule. * Unlisted Securities Market
it London bating, t Effective issue price after scrip, t huuad as e /unit
comprising 33 Ordinary and £5 Lean 1986-82,

12
6
1

390 I 25
420 15

460 I .8 ,

4 40
1 ID

5 I -
10 .

140 , 10 I 20

420 i 23 1 -14 .
460

420
460
420
460.

1* i.-71p.

i

. MAQOO

S 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 13 Himiiiimni . 1 1 1 1 1 1 1 m 1 1 1 1 1 1 n 1 1 i i n u 1 1 1 1 1 1 ' 1 ffi 333

I

m lm

BANKS AND HIRE PURCHASE CHEMICALS,

JTtl M UMBWHI* Jtl stack

BRITISH FUNDS

u i t r.-un

Shorts”' (Lives up to Five Years)

91% [Treason 3pc TSJtt -- I 9?$+*

Wl

fl2b | Do. lOtfC UdlLa.
78
78 .

5F

a**

&

rr

rr

95
50
£50
975 .

£W*£U%
19 10

'OPil&Vi

5®

15
58

285 172

104 78

284 ]198
454

294

352

17-29 | SIS

17.00 1 *

17.70

DunmOil USS0.4

I

tu-

gs

T>

I

it*

n

_ _ ISO LH

sj(U) 25 10.

*9-4 — 297 163
S -9 — -* 9 % U
4i 5.4 67 «

W « 42 25

«« 199

wSS iS

298

— — 32

7.S 35.2 63

1 — *17

75 SL4 35
50 * 32

9J 7.0 247

SHt — TU

l&= i

23320 35

7.9** 28
7JBMJ 17
4J) ♦ 32

SI!

X

fUH

E

ft

rr. :

South America

Trade and Investment Opportunities for Europe

A Management Report by Margie Lindsay

Europe can ill afford to ignore either the trading and investment opportunities
offered by South America or the potential political importance of a region which
contains essential mineral supplies. Did you knowi-

* BRAZIL plans to quadruple its coal output by 1990

* COLOMBIA plans to spend nearly 522 bn on infrastructure up to 1982

* PERU'S 1981*1983 development programme requires an investment
of$4bn

* ECUADOR is spending over S4 bn for oil and gas exploration and
development

* ARGENTINA in encouraging foreign investment has approved
$1.55 bn in three years up to August 1980

An outline of each country's needs is provided in Trade Profiles, detailing the
political and economic situation, including industry, agriculture, energy and
mineral resources and the opportunities open to European business. Each
profile ends with a checklist of r elevan t facts and figures.

ORDER FORM

Please return to Marketing Dept- , Financial limes Business Information Ltd-,
Bracken House. 10 Cannon Street, London -EC4P 4 BY. ■

Tel: 01-248 8000 Telex-. 8811506

Please send me copy/copies of SOUTH AMERICA: TRADE AND ••

INVESTMENT OPPORTUNITIES FOR EUROPE at £78 (UK). USS 180 {overseas, "
includes first class airmail postage).

I enclose a cheque for£/$ —...-made payable to Business Info'rmation

Payment must accompany order

Company Name a Address

Latham (J JO.
LawmwlW.).

Nature of Busin

, 31
49 la

62 39

33 | IB
420
604
295
191
530
79

93
37

255

69 I 34

5° 25

94 59

207
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208
129

m

73
38
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41
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379
77
178
49 27

2 il

59 38

184 m
92 42

148 90

J 29
23
151
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364 98

168 53

91 56

230 138
109 66

KL 37
367 115
29 14

146 60

36 12

•Tlia 43
28 18
126
110
142
63
•80
12*2
ID*

50T
510
49

25 16

122 84

161 64

104 69

146 91

183 117
103 62

114 80

54 24

59 44

210 107
144 126
82 70

5 E

70 46

143
262
244
172

190

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26 8 |106
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32 17

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77 51

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54 38

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305 180

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300 42

Sal

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18
25
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76
025
38 .16
48 13

200 137
63fe 35h
ST 17

' J* 99 70

3H 130 83

55 27 17

1H 43 29

96 42

fW 77 35

fU 215 90

1^ 4T 26
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Q* 65 44

161 1 83 122

- 95 40

fT-31 200 32

71 24 11

87 61

ocl _. 47 22

9 4 113 70

2Bh 14h
HPH 84

M “ JO 127
7.w 6JI 20 9

r, 240 78h

if ig

- 217

- 11*2

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T. 54 138

iB *g g

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60 15«i

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laf

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“ 127 85

T r- 19 9

H 5 5? 37

A* « »

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MJC Electric

3H

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%

£

Ratal Deanes..
Rnfiffushxi

70
" 52

74 52

5-f 400

IS 503.

t0 135*2

ill

Registered ej E nfjfmd No £02281 Assured Office fractal tixsr. lOCmnon Street. London EC4P-1HV

CHEMICALS, PLASTICS

1 2jal4

£32
£26
96
126

t

m 180 90

122 45 21

115 102
4,9 *ii6 a

mm 19 n
44 24

IMpn 911a £

“jil J s

“-2 120 43

6.91 52 33 .22

m 23*2
28 14

94
202

67 33

S i

75 34

56 38

42 18

88 50

61 40

52- 34
26 19>a

60 31

19 8

436 278
81 55

16 10-
125 82

a 5 39 13

_ 16 ID

125

tcj 277

* 27 9

« n S

: 27 15

in a 59 34

«S 5

ifft 327 247

firs

o 240 u
124 58

MJ ^ >b

§3 S i

78 60

216 129-

• 5 175 112

im* 16® 83

fig

~ 34 13

_ 12 6
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FINANCIAL TIMES

: ix^rpomtogrow?
Emigrateto

Saturday January 9 1982

Telford

0952613131

MM IN THE NEWS

Labour’s

central

broker

BY JOHN LLOYD

DAVID BASNETT
“He will require all his
equanimity to ride out the
coming months''

firmly on tie politicians.

Whether <or not Che "treaty”
of Bishop's Stortford will stand
Hie test of time and left- and
right-wing sniping, to which it
is already being subjected — is
unpredictable.

Mr David Basnett, the 57-year
old general secretary of the
General and Municipal Workers
Union and chairman of the
TULV, was the only figure in
the British labour movement
who could have constructed the
treaty. There were three
reasons for this.

First, on the retirement, at
the end of the last Labour
Government, of Mr Jack Jones
and Mr Hugh Scanlon, respec-
tively leaders of the Transport
and General Workers and
the Amalgamated Union of
Engineering Workers, Mr
Basnett— -whose union is third
largest — inherited the mantle of
TUC top dog.

. Second, Mr Basnett has
'deliberately steered clear of
allowing himself to be identified
too closely with right or left
camps in the TUC. The
ambiguity goes back to his
assumption of the GMWs
general secretaryship in 1973
when the Communist Morning
Star promoted him as the most
M progressive " candidate, and
most of the rest of Fleet Street
hailed the election of a new
** moderate." This refusal to be
tied down has exasperated TUC
colleagues who wished th co-opt
him to their side, but has
allowed him to emerge as the
central broker of competing
interests, and spokesman on
behalf of the common need for
unity.

Third, aided by an innovative
and efficient research depart-
ment and some impressive
national and regional officials,
he is able to think through and
promulgate policy for the move-
ment, even though its details
have been submerged in the
political and personal feuding
whch he loathes and has tried
to quelL This policy he sees as
.a continuation of the lines laid
down by the last Government:
a social contract between

government and -labour, involv-
ing business but concerned to
protect and advance the public
sector and the low paid.'

Like- Mr- Leu Murray, ttie
TUC general secretary, he has
a distaste for show, grandilo-
quence and the bravura public
style which is commonly catted
^charisma. J

It' was tie, in ids year of
chairmanship, who broke the
tradition . of "non-potitaeall’’
chairmanship and insisted on
the. unions’ fink with Labour:
and' be who, now, has taken
' the Head in telling the part?
and the rations that they i must
both “act to concert."

Events have conspired to
force this self-effacing, some-
what remote man to place Ms
Judgment and leadership on the
line-in. os public a test as might
be devised: It is he who will be
made. In shoulder much of .the
responsibility if the “treaty" of
Bishop's Stortford proves to be
as worthless as the paper on
which it could not be written.
He • will require all the
equanimity- he" commonly dis-
plays to ride nut (the coming
i months.

Ford increases share of
new car market to 31%

Jobless

rateinU-S.

THE LEX COLUMN

*

nses

are

BY KENNETH GOODING, MOTOR INDUSTRY CORRE5PONDBMT

FORD SWEPT the board in the
UK new-car market last year.
It was the market leader, the
major importer and supplied
the three best-selling cars— -the
Cortina, the Escort and the
Fiesta.

UK NEW CAR REGISTRATIONS

to 8.9%

By Reginald Dale, Ui Eifitor,
in Washington

THE IMPORTANCE of the two-
day conference between the
unions and <the Labour Party at
Bishop’s Stortford titis week is
this: it reasserted the fundamen-
tal principle of the labour
movement, that the object of the
alliance of organised labour and
political party is (the pursuit of
power.

All tiie major union leaders,
no matter what their political
persuasion, were convinced that
She Party had collectively lost
sight of that elementary fact
This drove them to call —
through their medium ,the
Trade Unions for Labour Victory
(TULV) — for the conference,
and to impress that view so

The group ' marginally
increased its share to nearly 31
per cent of a market which
turned out to be much more
.buoyant titan was expected a
year ago.

According to the Society of
Motor Manufacturers and
Traders, new-car registrations
in 1981 fell by 1.9 per cent,
from 1.51m to 1.48m.

Fortunes were mixed for the
other UK-based manufacturers.
BL began to recover, pushing
its market share up by a full
percentage point to 19.2 per
cent from the 1980 all-time low.
The group also managed a
numerical increase in car sales,
something Ford just failed to
achieve.

Vauxhall, the General Motors
subsidiary, held its share at just
above 7 per cent but suffered a
drop in unit sales.

Talbot UK, the Peugeot sub-
sidiary, saw its market Share
slump from 6 per cent to 4.5
per cent while unit sales
dropped by more than a
quarter.

Registrations last year, al-
though well below tthe 1.72m
peak in 1979, were «he sixth-
best on record.

The importers* Share of the
market slipped from Che record
56.7 per cent in 1980 to 55.7, per
cent last year. Hie major fac-
tor was that more Ford cars
were assembled in British
plants.

Last year 203,291 of the Fords
registered were assembled out-
side flfce UK, representing 13.69
-per cent of the total market,
compared with 216,760, or 1431
per cent, in 1980.

The _ society forecasts (hat
1982 car sales will be between
1.52m and 1.55m With imports
dropping to about 795,000 from
826.533 last year.

Japanese car sales just
squeezed be! low title 11 per cent
of the 1981 market whidi would
have been the maximum accept-
able to (be British industry
under tthe terms of the “volun-

tary" agreement between the
two countries. .

The ' society expects the
Japanese market, share to re-
main at about the same level
this year.

The top- 10 best-selling cars in
3981 were: 1, Ford Cortina
(159.804 sold); 2, Ford Escort
(141,081); 3, Ford Fiesta

(110,753); 4, Austin Metro
(110,283); 5, Morris Ital

(48,490); 6, Vauxhall Chevette
(36,838); 7. Vauxhall Cavalier
(33,631); 8, Datsun Cherry
(32,874); 9, Vauxhall Astra
(30,854); 10, Austin Morris
Mini (28,772).

• The society also announced
yesterday that commercial
vehicle sales last year fell by
19.9 per cent from the 1980
level, to 217,903. Importers took
3^.4 compared with 24.1 per
cent. Full details of the com-
mercial vehicle figures will
appear on Monday.

' Table, Page 3

U.S. and France agree to curb

computer exports to Russians

UNITED STATES unemploy-
ment rose rapidly again in
December to 8.9 per cent, as
the nationwide recession
showed no sign of easing. The
0.5 percentage point increase,
after a rise or 0.4 percentage
points in November, was the
fifth consecutive monthly
increase and brought the job-
less figure dose to the highest
post-war figure of 9 per eent
at the height of the 1974-75
recession.

The Labour Department
said nearly 9.5m workers were
unemployed in December, an
increase of nearly 300,000
over November. Motor and
co nstr uction industries, agri-
culture and general ma n ufac-
turing were worst hit.

President Reagan was said
to be "deeply sensitive” to
the problem but believed he
bad a programme which
would M result in lasting
employment” The White
House said the Administra-
tion continued to expect a
turnronnd at the end of the
second or third quarter.

Mr Reagan’s senior policy
advisers have predicted that
the unemployment rate could
reach 9 per cent in 1982. But*
the December increase was
higher than the government
or most private economists
had expected. Some analysts
believe the figure will go as
high as 10 per cent

BY REGINALD DALE, US. EDITOR M WASHINGTON

THE US. and Fiance have
agreed to co-operate In tighten-
ing controls over the export of
computers and microelectronics
to the Soviet Union, the two
countries* Defence Ministers
announced in Washington.

In a joint statement, Mr
Caspar Weinberger of the U.S.
and M Charles Hernu of France
said an unchecked flow of ad-
vanced technology to the Soviet
Union would be a “windfall”
for Moscow.

U.S. efforts to curb Western
high-technology exports to the
Soviet Union and its allies have
been given fresh impetus by the
desire to sanction Moscow for
its role in the Polish crisis. But
the. Reagan Administration has
for many months been urging
its Allies to follow such a course
as a matter of general principle.

The U.S. will take the lead
in calling for stricter controls
at a two-day meeting starting
on January 19 of the top-secret
Paris-based COCOM organis-
ation, which vets Western
exports to the East on security
grounds. The U.S. would like to
see the existing list of pro-
hibited exports strengthened
and extended to include new
items.

In Washington, Mr - Bobby -
Inman, Deputy Director of the

Central Intelligence Agency
(CIA), said that the Soviet
Union had acquired most of the
military technology for its arms
brald-up . since 1964 from the
U.S. and its closest allies.

He told a conference of the
American Association for , the
Advancement of Science that
the technology acquired by
Moscow ranged from infor-
mation on weapons accuracy to
project designs and manufactur-
ing procedures. He implied
much of the infor ma tion had
been acquired by legal means
rather than- by espionage.

Mr Inman said that in the
next few months several U.S.
Congressional committees
planned hearings' that would
reveal specific weapons advan-
tages lost to the Soviet Union
because of the lack of restric-
tions on exporting scientific
information abroad.

Jonathan Carr in Bonn adds;
The U.S. is evidently not
■ expecting its Nato allies at
their meeting in Brussels on
Monday to agree to match the
kind of economic sanctions
which Washington has taken
against Moscow. But COCOM
provides a forum where further
pressure for embargo can be
applied.

West Germany is thought to
be ready, as in the past, to see
the COCOM list updated. But it
has pointed out tint the U.S. is
making very wide-ranging pro-
posals to bar export of high-
technology goods which, if
accepted, would be a major
blow to the trade , of Bonn and
other European countries with
the East bloc. The forthcoming
negotiations are therefore
expected to be difficult.

Count Otto Lambsdorfff, the
West German Economics
Minister, said in an interview
yesterday that if the U.S. really
wanted to hurt the Soviet Union
through an embargo, then It
should block grain deliveries.
But he noted that Washington
bad derided to continue exist-
ing grain supplies and merely
postponed new negotiations
• Mr Wladyslaw Baka,
Poland’s Minister for Economic
Reform, was quoted yesterday |
by Warsaw Radio, as saying
that U.S. sanctions have
already harmed the country’s
finances and effetced supplies
for industry and agriculture.

Poland was finding it increas-
ingly difficult to obtain foreign
currencies, forcing rationing of
materials and energy to some
sectors of the economy.

Mr Lane Kirkland, Presi-
dent of the AFL-CIO labour
federation, said the nation
was witnessing "a growing
economic tragedy,” brought on
by President Reagan's econo-
mic policies. He called on the
Administration and Congress
to set up Job creation pro-
grammes and direct the
Federal Reserve ' Board to
"Release its stranglehold” on
money supply.

The 8.9 per cent December
figure compared with 7.4 per
cent in December 1980, and
included the post-war. rate for
adnlt men of 8 per cent There
was no easing in the disparity
between blacks and whites,
with 7.8 per cent white unem-
ployment, 17.4 per cent for
blacks and 422 per cent for
black teenagers.

The Department said the
number of those too discour-
aged, even to look for a new
job rose to 1.2m In the last
quarter of 1981. The highest
level since such data began
to be compiled in 1970.

The Stock Exchange's main
argument for increasing com-
missions is that the capital base
of the broking business has
been falling in real terms. Its
line of reasoning is shaky. The
number of members has been
increasing in recent years, and
a contraction in the list of
firms doing business has not
brought any fall in the number
of partners. Net margins before
interest and partner emolu-
ments have held remarkably
steady for many years. This
does not sound like a business
which is making an inadequate
return on capital.

It is true that the capital base
of member firms has fallen in
real terms. The same has hap-
pened to most financial com-
panies. But to say that this is
a sufficient reason for putting
up rates is the kind of argu-
ment that makes cartels .un-
popular. In a more competitive
environment, ‘ partners would
take less money out of the
business, or think twice about
the provision of expensive ser-
vices — like research — which at
present are paid for out of un-
negotiated commission.

Competition can have a
dramatic impact on commis-
sions. For instance, to enable
firms to compete more effec-
tively for large business in the
American market, the Council
is proposing a 35 <per cent cut
in the rates on certain large bar-
gains Small investors, who will
not find it so easy to use foreign
■brokers, face increases of up to
34 per cent in these areas.

There is a respectable argu-
ment for maintaining a system
of mini mum commissions, ana
one which would probably be
supported by most of the big
institutions which on paper
would have most to gain from a
free-for-alL There is also a good
case for changing .the way the
charges fall to take account of
the much increased proportion
of gilt edged business.

But it is quite another matter
to increase the overall take by
«he amount that is -now being
proposed. In the coming weeks,
private and institutional inves-
tors should be pressing for a
iot more detaiL

Index rose L9 to 531.4

Syrbigh'

coupons

F.T. ACTUARIES
- REDEMPTION
THU

3-month

interbank

.rate

appears to hav£ the hacking' of
all but one - of- the. directors;
who have so. far hopelessly
failed to agree on the sights
and wrongs of Mr Dell's quarrel
with Lord Kissin.

Mr Morton has been w auth-
orised to settle ' Lord Kissin’s
future relationship with the
group” and he deafly has far-
more chance than his predeces-
sor of being considered dispas-
sionate about this subject: The
. replacement of Mr Dell as chief
executive should remove Lord.
ICissin’s principal grievance,
and Mr Morton was saying'
polite thing s yesterday about
Lord Kissm's wisdom and ex-
perience. But if the dissension
does not die down — and the re-
newal .of Kissin plans for a
partial bid would amount to a
declaration of war — then the
new regime will have to. put up
a united front and see trim off
the premises. _ . .

Shareholders in . Guinness
Peat will be hoping for a
quieter life: the employees are
probably going’ to see some
pretty active central manage-
ment- Meanwhile, Mr Morton's
experience of, and enthusiasm
-for, energy financing suggests
a promising area for expansion.

the cost of repairs to Hunters-
ton “B” when someone let in
sea-water . by mistake and the
liability for disposing of j
uranium waste, probably in. the
next century.

The actual numbers are
pretty arbitrary. .It'seems fairly . -
evident that a political decision
.was reached to let the company
- off- (he hook in -reasonable ;
financial shape. So the ixnpor- 1
taut figure is the residual £20m .
of cash with which the company
emerges, of which £4L5m is owed -
to the local elec t r i c i ty board,
with a s imila r amount likely to
he required to nuke redun-
dancy payments. So- -net detit-
may emerge at £50mor so, and ,
shareholders’ funds somewhere.
above £10Qm- depending on the
size of the write-down for
Invergordon, which has yet to :
be finally decided.

British , Aluminium win be
able - tq buy primary metal
cheaply .in the present glut but
. its position will be lesscomfort- *
able when the cycle tens. Its -I
share of the UK market may
have attractions for a primary /
producer.- and longer term TI
-—which holds 58 per cent of the i
shares, may be thinking hare ?
about its involvement ; in
aluminium. ’. 1 .

Satellite TelevisioiL i

” - City institutions- are stiff
rolling up to subscribe for
nascent venture capital- pro-’
jects. The latest example is
Satellite Television, which As-
pects to be beaming
language programmes around
Europe for the spring. Eight in-
dustrial companies and 18 insti-

tutions have put up £4m in loan i
stocks with the intention of sub- J

British Aluminium

Guinness Peat

UK TODAY

The Guinness Peat affair may
he staggering towards some sort
of resolution with. the appoint-
ment of Mr Alastair Morton as
chief executive, Mr Edmund
Dell stepping aside into the
post of non-executive chairman.
Mr Morton is a decided catch
for Guinness Peat: a less con-
fident man might well ' have
turned this one down. The
crucial point is that his appoint-
ment— proposed by Mr Dell-

Some dramatic numbers are
involved in the deal that has
extricated British Aluminium
from jts problems at the
Invergordon smelter. Figures
released yesterday show that it
has been able , to cash in its
future rights to cheap elec-
tricity for the very precise sum
of £79^m. On top of this the
Government has waived loans of
£2 1 . 2 m — as neat a way as any
of depriving newspaper head-
line writers of round numbers
like £I00 ul Against this the
company has bad to set off £47m
— which includes items such as

stocks with the intention of sub* ?
scribing a further £6m - later.. i
Not bad for' a company with '
fixed assets of £630. - ' : -

By comparison with Mmsitfl ,
or Airship Industries, SATV t-
could move quickly Into profit ,

It believes that the break-even l
level of between lm and ljm r
receivers cm be reached in two I
yeare or less."'Tb achieve that f.
target* I-.it: . needs - government | '
licences in. several -European
countries and a replacement -.
for itS- existing satellite, which !
drops, out of the sky at the end '
of 1083. Revenue will be de- j
lived principally from the rale .*
of advertiring. . . ■.■■■•

Interest may be paid on the' i
straight loan stock of SATY i
makes asignificant profit bsl-.";' *
the . convertible, which 3jjt
counts fur the bulk of the
itial fund raising, carries net
interest and cannot be ire
changed for equity for five ; *
years. Yet this has been little-,
deterrent to cash generating^
shareholders like Ladbroke :anfl r ’
D.d Thomson, recently seen as.-
investors -in Central Television; ' '

AJert at crippled U.S. reactor

COLD, frost, snow, shbwers but
becoming drier generally. The
North, mostly dry with some
sunshine; rain in the South-

West.

BY PAUL BETTS IN NEW YORK

London, E. Anglia, Midlands,. S.
Wales

Snow, becoming dry. Max.
temp. 1C (34F).

A RADIATION problem was re-
ported yesterday at the contro-
versial Three Mile Island power
station which was crippled two
years ago in America’s worst
nuclear power plant accident.

• General Public Utilities
(GPU), whach owns the power
station — at Harrisburg, Penn-
sylvania — saod an - “ unusual
event” had been declared at
the damaged Unit Two reactor
plant. . Radiation monitors
showed increased activity in -the
unit's auxiliary and fuel hand-
ling buildings.

An “ unusual event ” is the
official term for the lowest of

four emergency categories.

The plant was evacuated
while the problem was investi-
gated. Officials reported insig-
nificant escapes of radiation
and said levels in the building
were low and coming down.

The company said later that
conditions were returning to
normal and that the emergency
had ended. Full details of the
incident would be released.

The incident is bound to have
a further impact on public
opinion. The Three Mile Island
accident has caused a continu-
ing controversy over the safety
of nuclear power in the U.S.

GPU is currently involved in
cleaning up the damaged reac-
tor plant but has so far failed
to raise the necessary SIbn
(£520m) to do the job which is
regarded as crucial to the in-
dustry's future. Nuclear power
generating in the U.S. has come
to a virtual standstill since the
accident.

• The company has also been
lobbying for government per-
mission to reactivate the un-
damaged Unit One which was
shut down after the accident.
However, this was refused this
week until further studies are
made.

SJEL, Central S. & S.W. England,
Channel

Sleet or snow. Max. temp. 0C
(32F).

Glasgow, C. Highlands, Argyll,
N.W. Scotland

Snow showers. Sunny or clear
periods. Max. temp. — 5C
(23F).

Rest of England, Scotland &
Wales, Lo.BL, N. Ireland,
Orkney, Shetland
Snow showers. Sunny or
clear periods. Max. temp. 1C
(34F).

Outlook: Cold. Freezing fog
patches. Mostly dry- some
sunshine, snow showers.

Continued from Page 1

Continued from Page 1

WORLDWIDE

Golden handshake

AT&T

after the meeting that the
court hearing was scheduled
for Monday in the Companies
Court before Mr Justice Slade.

The hearing is expected to
be adjourned on Monday to
give Associated Communica-
tions more time to prepare its
evidence. The matter could
ran' into .February and be-
yond. '

Two more investing institu-
tions added their names to
the fist of eight others who
are already supporting the
Post Office in its action. They
are funds under the manage-
ment of the GLC, and the
Pearl insurance group. In all,
the institutions seeking to
block the Gill payment
account for about 16 per cent
of the non-voting shares.

1956 whereby AT T was
allowed, to retain its monopoly
position in the telephone market
in return for not entering the
nan-regulated data -processing
and electronic markets. '

Continued from Page. 1

The modified consent decree
gives AT & T 18 months to
.complete the complex task of
disposing of its 23 local tele-
phone operating companies.
AT & T expects to complete
details of the spin-off in the
next six months.

Ajaccio C 15
Algiers S 23
Amsdm. F —5
Barcirra. F 16
Beirut R 18
Belfast Sri —1
Belgrd. F -5
Berlin S —7
Biarritz S 17
Brnghm Sn —3
Blaefcpl Sn
Bordx. S 16
Bculgn. Sn -2
Bristol Sn -2
Brussels F -4
Bud pat. F —5
Cairo F 20
Cardiff Sn —1
Cae'b'ea S It
Caps T. F 23
Chleg. t F —17
Cologne F -6
Cpfihgn. F —S'
Corfu S 11

5S Locarno Sn
73 London Sn ■
23 L Ang.f F
61 Luxmbg. C ■
81 Luxor S
to Madrid F
23 Majorca S
.19 Malaga C
63 Malta F

27 M'chstf Sn ■
30 Mx. C.t

81 Miami t

28 Milan F
28 Montrl.t

25 Mdscw C —
23 Munich Sn ■
68 Naples C
30 Ntvcarl. c -

• ilT?

K

d:

I ■ r*
4

now into a brand new investment whir-h nflfcrc ;.. .

★ TAX-FREE income of 10%p.a.

★ TAX-FREE cash proceeds at any time after 7 ¥l years

iyjilWrTvil

1 * W-r*1 1 1 if^-i 1 1

IViA* [J »•: i li-jjiiAv/j I a ■ i f-r.i

funds investing in conmaes^Ame^andtfe

is* quite simply, the most exerting development in
tax-eftoent investinentformaityyears. Jiist complete and
iearnttecoupcmforM
Acnon Report. ^ .

52 IN Yottat F -1

Brokers charges

more about how to get home'
through, the snow.

The gist of the new commis-
sion proposals is a higher base
percentage in each sector of the
market, with upward adjust-
ments in the bargain values at
-which that percentage is pro-
gressively diminished under the
system of tapering scales.

- It is intended that a new
exchange rule will govern the
eligibility of gilts bargains for

the proposed switching conces-
sion, which would apply where
both transactions exceed
£250.000.-

No major changes are pro-
posed for the arrangements gov-
erning the use of agents or the'
practice of aggregating bargains
in certain cicumstances. The
Council has also rejected the
idea of “unbundling” the
various services . of brokers to
allow research to be paid for
separately.

I AT and T will also be allowed
to enter non-regulated fields^ to
cq^itinue to supply the local
companies with equipment and
to compete in the fast-changing
telecommunications market
against such giants as IBM.

The decree does open up,
however, the local telephone
markets to AT and T competi-
tors in the ^Thfinr rnjiiipinrm
an dservices market^^^

Mr William BapsJnhg
of !the Juslieqf fepaSa
anti-tru|t . division, fMl
Government 'jpfs
pleased .with |tbe settle

Dublin Sn 0
Dbrvnk. F 3
Ednbgh Sn — S
Faro F 14
Florence F, 7
Frenkk. S — B
Funetal C 3)
Genova R —1
Gfbritr, S 16
, Gl'sg’w C -3
G'msoy R 10
Hlwnkj S -18
K. Kong S 19
Innsbh. Sn —9
Invinss F — 10
>W).Man C O
F

73 Nice C
1 Nicosia C
21 Oporto C-
16 Oslo F
52 Paris C
Parth S
32|Praguo F
37 Rykrvk. F ■
23 1 Rhodes S
57

19 ] Roma C
21 SBtibrg. C

Ij' c jfo? hon f Manchester: 051-831,7191. Bristol: G27229453L

Edinburgh^ 031-226 2515. Bd6sc46627 or 20958. Abenfcen*i}22420460J ;

j i- ' ’ 1

S 'cisco t F

TdNorDay

Amount JEor investment £

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1